Neuberger Berman Group LLC Boosts Position in Corning Incorporated (GLW)

Neuberger Berman Group LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 24.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,044,997 shares of the electronics maker’s stock after purchasing an additional 606,637 shares during the period. Neuberger Berman Group LLC owned 0.35% of Corning worth $91,106,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Parkside Financial Bank & Trust boosted its position in Corning by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after purchasing an additional 33 shares during the last quarter. Wedbush Securities Inc. boosted its position in Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after purchasing an additional 41 shares during the last quarter. MAI Capital Management boosted its position in Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after purchasing an additional 95 shares during the last quarter. Global X Management Co. LLC boosted its position in Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after purchasing an additional 113 shares during the last quarter. Finally, Capital Investment Counsel Inc boosted its position in Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock valued at $1,629,000 after purchasing an additional 137 shares during the last quarter. 72.43% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on GLW shares. BidaskClub cut Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Susquehanna Bancshares reaffirmed a “positive” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, September 21st. Jefferies Group reaffirmed a “hold” rating and issued a $29.50 price objective on shares of Corning in a research report on Friday, October 6th. Finally, Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning has a consensus rating of “Hold” and an average price target of $29.28.

Shares of Corning Incorporated (NYSE GLW) opened at $32.05 on Friday. Corning Incorporated has a 52-week low of $24.12 and a 52-week high of $32.81. The stock has a market capitalization of $27,853.28, a P/E ratio of 18.42, a PEG ratio of 2.67 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.

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

The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 16th were issued a dividend of $0.155 per share. The ex-dividend date was Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.93%. Corning’s payout ratio is currently 26.38%.

In related news, CEO Wendell P. Weeks sold 248,857 shares of Corning 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 directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total value of $205,810.80. Following the sale, the director now directly owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 294,561 shares of company stock valued at $9,254,498. 0.59% of the stock is currently owned by insiders.

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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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