Corning Incorporated (GLW) Position Trimmed by Hussman Strategic Advisors Inc.
Hussman Strategic Advisors Inc. reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 19.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 203,000 shares of the electronics maker’s stock after selling 50,000 shares during the period. Corning comprises 1.5% of Hussman Strategic Advisors Inc.’s investment portfolio, making the stock its 9th largest holding. Hussman Strategic Advisors Inc.’s holdings in Corning were worth $6,074,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Waldron LP increased its stake in Corning by 72.6% during the 1st quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after buying an additional 6,303 shares during the period. Cornerstone Capital Management Holdings LLC. increased its stake in Corning by 8.0% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 296,544 shares of the electronics maker’s stock worth $8,005,000 after buying an additional 22,086 shares during the period. Venturi Wealth Management LLC purchased a new stake in Corning during the 1st quarter worth approximately $6,072,000. Dynamic Technology Lab Private Ltd increased its stake in Corning by 17.6% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 20,719 shares of the electronics maker’s stock worth $559,000 after buying an additional 3,099 shares during the period. Finally, Comerica Securities Inc. increased its stake in Corning by 379.4% during the 1st quarter. Comerica Securities Inc. now owns 153,884 shares of the electronics maker’s stock worth $4,155,000 after buying an additional 121,785 shares during the period. 71.15% of the stock is currently owned by hedge funds and other institutional investors.
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Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.98%. Corning’s dividend payout ratio (DPR) is presently 26.38%.
In related news, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares in the company, valued at $2,089,021.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction 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 owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last 90 days, insiders sold 413,207 shares of company stock valued at $12,611,130. Insiders own 0.59% of the company’s stock.
Several equities research analysts recently weighed in on GLW shares. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research note on Monday, July 10th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 target price on shares of Corning in a research note on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $29.28.
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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