Sitrin Capital Management LLC Invests $4.45 Million in Corning Incorporated (GLW)
Sitrin Capital Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 148,838 shares of the electronics maker’s stock, valued at approximately $4,453,000. Corning comprises about 2.9% of Sitrin Capital Management LLC’s holdings, making the stock its 19th biggest position.
Several other hedge funds and other institutional investors also recently bought and sold shares of GLW. GLG Partners LP bought a new stake in shares of Corning in the second quarter worth $102,000. MPS Loria Financial Planners LLC bought a new stake in shares of Corning in the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after purchasing an additional 2,650 shares during the last quarter. Central Bank & Trust Co. grew its stake in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the last quarter. Finally, Harfst & Associates Inc. grew its stake in shares of Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the last quarter. 71.15% of the stock is currently owned by hedge funds and other institutional investors.
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Corning Incorporated (GLW) traded up 0.48% on Tuesday, hitting $31.41. 1,060,040 shares of the stock were exchanged. Corning Incorporated has a 12 month low of $22.23 and a 12 month high of $32.31. The company has a 50-day moving average of $30.11 and a 200-day moving average of $29.52. The stock has a market cap of $28.37 billion, a price-to-earnings ratio of 14.03 and a beta of 1.38.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 earnings per share. On average, equities analysts predict that Corning Incorporated will post $1.72 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.98%. Corning’s payout ratio is currently 26.38%.
In other Corning news, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,350 shares of company stock valued at $4,804,486. Company insiders own 0.59% of the company’s stock.
Several research firms recently issued reports on GLW. Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup Inc. boosted their target price on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank AG boosted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $29.28.
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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