Comerica Bank Sells 220,335 Shares of Corning Incorporated (GLW)

Comerica Bank lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 16.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,138,372 shares of the electronics maker’s stock after selling 220,335 shares during the period. Comerica Bank owned 0.13% of Corning worth $35,586,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. DekaBank Deutsche Girozentrale lifted its holdings in shares of Corning by 50.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 576,354 shares of the electronics maker’s stock worth $16,493,000 after purchasing an additional 192,327 shares during the period. Wellington Shields Capital Management LLC lifted its holdings in shares of Corning by 21.3% during the third quarter. Wellington Shields Capital Management LLC now owns 29,600 shares of the electronics maker’s stock worth $886,000 after purchasing an additional 5,200 shares during the period. TCW Group Inc. lifted its holdings in shares of Corning by 1.9% during the third quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock worth $181,962,000 after purchasing an additional 114,855 shares during the period. Vontobel Swiss Wealth Advisors AG lifted its holdings in shares of Corning by 6.0% during the third quarter. Vontobel Swiss Wealth Advisors AG now owns 69,204 shares of the electronics maker’s stock worth $2,070,000 after purchasing an additional 3,945 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Corning by 1.0% during the third quarter. Rhumbline Advisers now owns 1,628,727 shares of the electronics maker’s stock worth $48,732,000 after purchasing an additional 15,524 shares during the period. Institutional investors own 73.54% of the company’s stock.

In other news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is currently owned by insiders.

Corning Incorporated (GLW) remained flat at $$31.66 on Tuesday. 1,632,999 shares of the company’s stock were exchanged, compared to its average volume of 6,260,589. Corning Incorporated has a 52 week low of $23.30 and a 52 week high of $32.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $27,575.19, a P/E ratio of 18.24, a P/E/G ratio of 2.64 and a beta of 1.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. equities research analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is presently 26.38%.

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A number of equities analysts have recently commented on the stock. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and cut their price target for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Thursday, July 27th. 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. Finally, Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $29.28.

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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