Corning Incorporated (GLW) Holdings Reduced by Primecap Management Co. CA

Primecap Management Co. CA cut its position in Corning Incorporated (NYSE:GLW) by 1.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,052,923 shares of the electronics maker’s stock after selling 240,300 shares during the period. Primecap Management Co. CA owned 2.01% of Corning worth $566,668,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in GLW. Annex Advisory Services LLC lifted its position in shares of Corning by 8.5% during the third quarter. Annex Advisory Services LLC now owns 55,809 shares of the electronics maker’s stock worth $1,970,000 after purchasing an additional 4,356 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Corning by 40.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,691 shares of the electronics maker’s stock valued at $2,354,000 after buying an additional 19,198 shares during the period. Standard Life Aberdeen plc lifted its holdings in Corning by 6.5% in the third quarter. Standard Life Aberdeen plc now owns 322,788 shares of the electronics maker’s stock valued at $11,394,000 after buying an additional 19,702 shares during the period. Baird Financial Group Inc. lifted its holdings in Corning by 6.3% in the third quarter. Baird Financial Group Inc. now owns 104,958 shares of the electronics maker’s stock valued at $3,703,000 after buying an additional 6,183 shares during the period. Finally, Aspen Investment Management Inc acquired a new position in Corning in the third quarter valued at approximately $247,000. Hedge funds and other institutional investors own 70.22% of the company’s stock.

In other Corning news, SVP Lewis A. Steverson sold 12,577 shares of the company’s stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $31.47, for a total value of $395,798.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total transaction of $334,200.00. Following the completion of the sale, the vice president now directly owns 50,403 shares of the company’s stock, valued at approximately $1,684,468.26. The disclosure for this sale can be found here. Insiders sold 57,824 shares of company stock valued at $1,987,242 in the last ninety days. Insiders own 0.46% of the company’s stock.

Shares of NYSE:GLW opened at $32.22 on Friday. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 2.05 and a beta of 1.28.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 15.4% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 1.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s payout ratio is presently 41.86%.

GLW has been the topic of several analyst reports. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.50 to $40.00 in a report on Friday, September 14th. Argus increased their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 price objective on shares of Corning and gave the company a “hold” rating in a report on Wednesday, September 26th. Finally, Guggenheim restated a “buy” rating and issued a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $36.11.

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Corning Company Profile

Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

See Also: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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