BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Corning Incorporated (NYSE:GLW) by 37.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 699,001 shares of the electronics maker’s stock after purchasing an additional 189,105 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.08% of Corning worth $20,914,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. GLG Partners LP acquired a new stake in Corning during the second quarter worth about $102,000. Benjamin F. Edwards & Company Inc. grew its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Corning during the second quarter worth about $112,000. IHT Wealth Management LLC grew its position in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after buying an additional 485 shares in the last quarter. Finally, Central Bank & Trust Co. grew its position in 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 buying an additional 345 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors.
In other news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction that occurred on Tuesday, November 7th. The shares were 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. Insiders sold 294,561 shares of company stock valued at $9,254,498 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.
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, beating 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 analysts’ expectations of $2.59 billion. During the same quarter in the previous year, the company posted $0.42 earnings per share. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. equities analysts expect that Corning Incorporated will post 1.7 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. 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 currently 26.38%.
GLW has been the topic of a number of recent research reports. Susquehanna Bancshares reissued a “positive” rating and set a $35.00 target price on shares of Corning in a research report on Thursday, August 24th. Jefferies Group reissued a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Friday, October 6th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Oppenheimer reissued a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Thursday, September 21st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Corning has an average rating of “Hold” and a consensus target price of $29.28.
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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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