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.
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.
TRADEMARK VIOLATION NOTICE: This article was posted by Community Financial News and is the property of of Community Financial News. If you are reading this article on another site, it was illegally copied and republished in violation of U.S. and international copyright & trademark laws. The original version of this article can be viewed at https://www.com-unik.info/2018/12/01/corning-incorporated-glw-holdings-reduced-by-primecap-management-co-ca.html.
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?
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.