HAP Trading LLC Takes Position in Corning Incorporated (GLW)
HAP Trading LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,193 shares of the electronics maker’s stock, valued at approximately $335,000.
Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares in the last quarter. BlackRock Inc. raised its stake in shares of Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after acquiring an additional 54,041,176 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Corning by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after acquiring an additional 971,936 shares in the last quarter. LSV Asset Management raised its stake in shares of Corning by 1.3% during the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Corning during the third quarter worth approximately $275,460,000. 73.54% of the stock is currently owned by hedge funds and other institutional investors.
GLW has been the topic of several research reports. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup Inc. lifted their price target on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Corning presently has an average rating of “Hold” and a consensus price target of $29.28.
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In other news, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 422,449 shares of company stock worth $12,907,983. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (GLW) traded down $0.02 during trading on Friday, reaching $31.63. 3,415,928 shares of the company’s stock were exchanged, compared to its average volume of 6,214,843. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The stock has a market cap of $27,510.00, a P/E ratio of 18.22, a P/E/G ratio of 2.64 and a beta of 1.33. Corning Incorporated has a fifty-two week low of $23.48 and a fifty-two week high of $32.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 EPS. sell-side analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently disclosed 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. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.
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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