Corning Incorporated (GLW) Position Trimmed by SFE Investment Counsel

SFE Investment Counsel reduced its position in Corning Incorporated (NYSE:GLW) by 12.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,155 shares of the electronics maker’s stock after selling 8,095 shares during the quarter. SFE Investment Counsel’s holdings in Corning were worth $1,770,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Clark Capital Management Group Inc. purchased a new stake in Corning in the 1st quarter worth about $14,879,000. Vanguard Group Inc. boosted its stake in shares of Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after purchasing an additional 326,877 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Corning by 6.1% during the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 3,862 shares in the last quarter. Andra AP fonden boosted its stake in shares of Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Corning by 2.9% during the second quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock valued at $152,175,000 after purchasing an additional 144,400 shares in the last quarter. 73.19% of the stock is currently owned by institutional investors.

Several equities research analysts have weighed in on GLW shares. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and lowered their target price for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Finally, Deutsche Bank AG lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. 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 assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and a consensus price target of $29.28.

Corning Incorporated (GLW) remained flat at $$31.68 during trading hours on Monday. 577,039 shares of the stock were exchanged, compared to its average volume of 5,730,000. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $27,540.00, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33. Corning Incorporated has a 1 year low of $22.33 and a 1 year high of $32.31.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. analysts forecast that Corning Incorporated will post 1.7 EPS for the current fiscal year.

The business also recently declared 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. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is 26.38%.

In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 413,207 shares of company stock worth $12,611,130 over the last three months. Insiders own 0.59% of the company’s stock.

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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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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