Corning Incorporated (GLW) Shares Sold by Centre Asset Management LLC
Centre Asset Management LLC decreased its position in Corning Incorporated (NYSE:GLW) by 16.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,580 shares of the electronics maker’s stock after selling 46,400 shares during the quarter. Centre Asset Management LLC’s holdings in Corning were worth $6,899,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after purchasing an additional 965,976 shares during the period. BlackRock Inc. raised its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after purchasing an additional 54,041,176 shares during the period. Bank of New York Mellon Corp raised its position in Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after purchasing an additional 971,936 shares during the period. LSV Asset Management raised its position in Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after purchasing an additional 165,214 shares during the period. Finally, Geode Capital Management LLC raised its position in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after purchasing an additional 1,071,544 shares during the period. 71.29% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on GLW shares. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a research report on Wednesday, June 28th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 target price on shares of Corning in a research report on Friday, July 14th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 target price on shares of Corning in a research report on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $28.90.
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In related news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the sale, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the sale, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold a total of 127,888 shares of company stock worth $3,653,485 in the last ninety days. 0.59% of the stock is currently owned by insiders.
Corning Incorporated (NYSE:GLW) traded up 0.7749% during trading on Wednesday, reaching $29.8999. The company had a trading volume of 1,470,365 shares. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The company has a market capitalization of $27.01 billion, a PE ratio of 13.3541 and a beta of 1.38. The stock has a 50 day moving average price of $29.55 and a 200-day moving average price of $29.21.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post $1.69 earnings per share for the current fiscal year.
The company 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 dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is 27.93%.
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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