Corning Incorporated (GLW) Shares Bought by OLD Dominion Capital Management Inc.
OLD Dominion Capital Management Inc. increased its position in Corning Incorporated (NYSE:GLW) by 21.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,645 shares of the electronics maker’s stock after purchasing an additional 2,210 shares during the quarter. OLD Dominion Capital Management Inc.’s holdings in Corning were worth $378,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of GLW. GLG Partners LP bought a new position in Corning in the 2nd quarter valued at about $102,000. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares during the period. Central Bank & Trust Co. raised its holdings in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after acquiring an additional 345 shares during the period. Finally, Harfst & Associates Inc. raised its holdings in Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after acquiring an additional 1,481 shares during the period. 72.78% of the stock is currently owned by institutional investors.
In related news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the sale, the chief executive officer now owns 65,333 shares in the company, valued at approximately $2,049,496.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 375,686 shares of company stock worth $11,573,835. Company insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down $0.13 during trading hours on Friday, hitting $31.80. 3,092,300 shares of the company’s stock were exchanged, compared to its average volume of 6,183,463. Corning Incorporated has a 1 year low of $23.48 and a 1 year high of $32.33. The firm has a market cap of $27,636.03, a price-to-earnings ratio of 18.28, a PEG ratio of 2.65 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. analysts forecast that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. Corning’s payout ratio is presently 26.38%.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup Inc. increased their price target on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank AG increased their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning presently has an average rating of “Hold” and a consensus price target of $29.28.
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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