Corning Incorporated (GLW) Holdings Trimmed by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 7.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 437,507 shares of the electronics maker’s stock after selling 33,400 shares during the period. Pictet Asset Management Ltd.’s holdings in Corning were worth $15,444,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of GLW. TRUE Private Wealth Advisors bought a new stake in shares of Corning during the 3rd quarter worth $100,000. Trustcore Financial Services LLC raised its stake in shares of Corning by 233.3% during the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 2,100 shares during the period. NEXT Financial Group Inc bought a new stake in shares of Corning during the 3rd quarter worth $117,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Corning by 16,371.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the period. Finally, City Holding Co. bought a new stake in shares of Corning during the 2nd quarter worth $137,000. Institutional investors and hedge funds own 70.83% of the company’s stock.
Shares of GLW opened at $32.15 on Thursday. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The stock has a market capitalization of $25.73 billion, a P/E ratio of 18.69, a PEG ratio of 2.07 and a beta of 1.29. 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 also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, November 15th. Corning’s dividend payout ratio (DPR) is currently 41.86%.
GLW has been the topic of a number of recent analyst reports. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.50 to $40.00 in a report on Friday, September 14th. Guggenheim reissued a “buy” rating and issued a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. Argus lifted their price objective on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a report on Thursday, September 20th. Finally, UBS Group set a $33.00 price objective on Corning and gave the stock a “hold” rating in a report on Tuesday, October 23rd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $36.11.
In other Corning news, insider David L. Morse sold 30,151 shares of Corning stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $32.16, for a total transaction of $969,656.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of Corning stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $32.30, for a total value of $143,089.00. The disclosure for this sale can be found here. In the last three months, insiders sold 77,975 shares of company stock valued at $2,622,698. 0.46% of the stock is currently owned by insiders.
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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.
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