QCI Asset Management Inc. NY Raises Position in Corning Incorporated (GLW)
QCI Asset Management Inc. NY increased its position in Corning Incorporated (NYSE:GLW) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 432,151 shares of the electronics maker’s stock after buying an additional 1,510 shares during the quarter. QCI Asset Management Inc. NY’s holdings in Corning were worth $15,255,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Dupont Capital Management Corp raised its position in shares of Corning by 171.7% in the 3rd quarter. Dupont Capital Management Corp now owns 32,285 shares of the electronics maker’s stock worth $1,140,000 after buying an additional 20,401 shares during the period. Winfield Associates Inc. raised its position in shares of Corning by 12.0% in the 3rd quarter. Winfield Associates Inc. now owns 21,425 shares of the electronics maker’s stock worth $756,000 after buying an additional 2,300 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Corning by 4.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 477,229 shares of the electronics maker’s stock worth $16,846,000 after buying an additional 22,119 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Corning in the third quarter valued at about $235,000. Finally, Exencial Wealth Advisors LLC purchased a new position in Corning in the third quarter valued at about $277,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.
NYSE:GLW opened at $33.56 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 2.19 and a beta of 1.28.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.15%. Corning’s dividend payout ratio is presently 41.86%.
Several research analysts have commented on GLW shares. TheStreet raised Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Guggenheim reissued a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $32.50 to $40.00 in a research report on Friday, September 14th. Finally, Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Thursday, August 30th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $35.89.
In other news, VP Eric S. Musser sold 18,225 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $33.45, for a total transaction of $609,626.25. Following the completion of the sale, the vice president now directly owns 59,815 shares in the company, valued at $2,000,811.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $33.66, for a total value of $33,660.00. Following the sale, the vice president now owns 60,403 shares of the company’s stock, valued at $2,033,164.98. The disclosure for this sale can be found here. Insiders have sold 59,892 shares of company stock valued at $2,087,018 over the last 90 days. Insiders own 0.46% of the company’s stock.
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Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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