DekaBank Deutsche Girozentrale Purchases 192,327 Shares of Corning Incorporated (GLW)
DekaBank Deutsche Girozentrale raised its position in Corning Incorporated (NYSE:GLW) by 50.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 576,354 shares of the electronics maker’s stock after acquiring an additional 192,327 shares during the period. DekaBank Deutsche Girozentrale owned about 0.07% of Corning worth $16,493,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. GLG Partners LP acquired a new position in Corning in the 2nd quarter valued at approximately $102,000. 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 in the last quarter. MPS Loria Financial Planners LLC acquired a new position in Corning in the 2nd quarter valued at approximately $112,000. IHT Wealth Management LLC raised its holdings in Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 485 shares in the last quarter. Finally, 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 in the last quarter. 73.54% of the stock is owned by hedge funds and other 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 stock was 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 directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,449 shares of company stock worth $12,907,983. 0.59% of the stock is owned by corporate insiders.
Corning Incorporated (NYSE:GLW) traded up $0.33 during midday trading on Thursday, reaching $31.65. The company had a trading volume of 297,799 shares, compared to its average volume of 6,234,111. The company has a market cap of $27,220.00, a price-to-earnings ratio of 18.22, a PEG ratio of 2.64 and a beta of 1.33. Corning Incorporated has a 1-year low of $23.48 and a 1-year high of $32.33. 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 released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 EPS. research analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. Corning’s dividend payout ratio (DPR) is presently 26.38%.
Several equities analysts have commented on GLW shares. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $35.00 price target on shares of Corning in a report on Thursday, August 24th. Finally, Citigroup Inc. upped their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus 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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