First Business Financial Services Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 12.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,970 shares of the electronics maker’s stock after selling 1,900 shares during the quarter. First Business Financial Services Inc.’s holdings in Corning were worth $370,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in GLW. Nuveen Asset Management LLC lifted its holdings in shares of Corning by 6,470.7% in the second quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after buying an additional 5,760,811 shares in the last quarter. Morgan Stanley grew its holdings in shares of Corning by 82.0% in the second quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after purchasing an additional 3,614,848 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Corning by 29.1% in the second quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after purchasing an additional 2,117,416 shares during the last quarter. Cannell Peter B & Co. Inc. grew its holdings in shares of Corning by 1,247.2% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after purchasing an additional 1,558,950 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Corning by 50.2% in the second quarter. Invesco Ltd. now owns 4,335,993 shares of the electronics maker’s stock worth $144,086,000 after purchasing an additional 1,448,979 shares during the last quarter. 71.13% of the stock is currently owned by hedge funds and other institutional investors.
GLW has been the topic of several recent analyst reports. Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 target price (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. JPMorgan Chase & Co. set a $30.00 target price on shares of Corning and gave the stock a “hold” rating in a report on Tuesday, September 17th. UBS Group cut their target price on shares of Corning from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Corning currently has a consensus rating of “Hold” and a consensus price target of $32.64.
In other Corning news, Director Hansel E. Tookes II sold 2,345 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $30.00, for a total value of $70,350.00. Following the completion of the transaction, the director now directly owns 89,208 shares in the company, valued at approximately $2,676,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Lewis A. Steverson sold 63,381 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $30.19, for a total value of $1,913,472.39. Following the completion of the transaction, the vice president now owns 18,422 shares of the company’s stock, valued at $556,160.18. The disclosure for this sale can be found here. Insiders sold a total of 76,393 shares of company stock valued at $2,283,698 over the last 90 days. 0.46% of the stock is currently owned by corporate insiders.
NYSE:GLW traded up $0.18 during trading hours on Friday, hitting $30.37. The company had a trading volume of 2,609,186 shares, compared to its average volume of 4,990,255. The company has a market capitalization of $23.11 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 2.13 and a beta of 1.16. The stock has a 50-day moving average price of $29.02 and a 200 day moving average price of $30.31. Corning Incorporated has a 52 week low of $26.75 and a 52 week high of $35.34. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post 1.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.20 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.63%. Corning’s payout ratio is 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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