Macquarie Group Ltd. Lowers Stake in Corning Incorporated (GLW)

Macquarie Group Ltd. decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,500 shares of the electronics maker’s stock after selling 1,600 shares during the period. Macquarie Group Ltd.’s holdings in Corning were worth $887,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. GLG Partners LP bought a new stake in shares of Corning during the second quarter worth $102,000. Jacobus Wealth Management Inc. bought a new stake in shares of Corning during the first quarter worth $108,000. Central Bank & Trust Co. increased its position in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after acquiring an additional 345 shares in the last quarter. Harfst & Associates Inc. increased its position in shares of Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after acquiring an additional 1,481 shares in the last quarter. Finally, Grove Bank & Trust increased its position in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after acquiring an additional 1,265 shares in the last quarter. 71.19% of the stock is owned by institutional investors.

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Shares of Corning Incorporated (NYSE GLW) opened at 31.51 on Friday. The firm has a 50-day moving average of $30.04 and a 200-day moving average of $29.45. The firm has a market cap of $28.46 billion, a PE ratio of 14.07 and a beta of 1.38. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.31.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post $1.72 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.97%. Corning’s payout ratio is 26.38%.

In other news, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the sale, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. In 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 brokerages have recently issued reports on GLW. BidaskClub downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Zacks Investment Research raised shares of Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday. Jefferies Group LLC reissued a “hold” rating and set a $27.50 price objective on shares of Corning in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $29.28.

About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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