Sheaff Brock Investment Advisors LLC increased its stake in Corning Incorporated (NYSE:GLW) by 49.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,924 shares of the electronics maker’s stock after acquiring an additional 28,265 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Corning were worth $2,571,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of GLW. Vanguard Group Inc. boosted its holdings in Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after buying an additional 965,976 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Corning by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after buying an additional 971,936 shares in the last quarter. LSV Asset Management boosted its holdings in Corning by 1.3% during the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after buying an additional 165,214 shares in the last quarter. Jennison Associates LLC bought a new stake in Corning during the third quarter worth approximately $275,460,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.
In other Corning news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was 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 owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 294,561 shares of company stock valued at $9,254,498. Insiders own 0.59% of the company’s stock.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. equities analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.93%. Corning’s payout ratio is 26.38%.
A number of analysts recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Goldman Sachs Group cut shares of Corning from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, BidaskClub cut shares of Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target 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).
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