Corning Incorporated (GLW) Stake Boosted by PGGM Investments
PGGM Investments lifted its holdings in Corning Incorporated (NYSE:GLW) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,965,116 shares of the electronics maker’s stock after acquiring an additional 35,195 shares during the period. PGGM Investments owned 0.22% of Corning worth $58,796,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Waldron LP boosted its stake in shares of Corning by 72.6% in the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after acquiring an additional 6,303 shares during the period. United Bank Inc. boosted its stake in shares of Corning by 7.6% in the first quarter. United Bank Inc. now owns 22,464 shares of the electronics maker’s stock worth $607,000 after acquiring an additional 1,589 shares during the period. United Bank VA bought a new position in shares of Corning in the first quarter worth about $1,890,000. Ifrah Financial Services Inc. boosted its stake in shares of Corning by 2.1% in the first quarter. Ifrah Financial Services Inc. now owns 16,334 shares of the electronics maker’s stock worth $441,000 after acquiring an additional 341 shares during the period. Finally, San Francisco Sentry Investment Group CA bought a new position in shares of Corning in the first quarter worth about $372,000. 71.29% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the company. Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a research note on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average price target of $28.90.
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Shares of Corning Incorporated (NYSE:GLW) remained flat at $30.06 during midday trading on Friday. 6,756,555 shares of the company were exchanged. The company has a 50 day moving average price of $29.70 and a 200 day moving average price of $29.28. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The company has a market cap of $27.15 billion, a price-to-earnings ratio of 13.43 and a beta of 1.38.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 EPS. Equities research analysts expect that Corning Incorporated will post $1.69 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is currently 27.93%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares in the company, valued at approximately $2,055,272.67. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the transaction, the vice president now owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,888 shares of company stock worth $3,653,485. Insiders own 0.59% of the company’s stock.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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