WASHINGTON TRUST Co Acquires Shares of 8,353 Corning Incorporated (GLW)
WASHINGTON TRUST Co acquired a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,353 shares of the electronics maker’s stock, valued at approximately $250,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. ZWJ Investment Counsel Inc. purchased a new position in shares of Corning during the first quarter worth approximately $340,000. United Services Automobile Association increased its position in shares of Corning by 8.1% during the first quarter. United Services Automobile Association now owns 334,516 shares of the electronics maker’s stock worth $9,032,000 after acquiring an additional 25,190 shares during the period. TLP Group LLC purchased a new position in shares of Corning during the first quarter worth approximately $310,000. Arrow Investment Advisors LLC purchased a new position in shares of Corning during the first quarter worth approximately $567,000. Finally, Teachers Advisors LLC increased its position in shares of Corning by 1.6% during the first quarter. Teachers Advisors LLC now owns 2,037,309 shares of the electronics maker’s stock worth $55,007,000 after acquiring an additional 33,069 shares during the period. 73.19% of the stock is owned by institutional investors and hedge funds.
Corning Incorporated (GLW) opened at $31.68 on Monday. The stock has a market cap of $27,523.05, a price-to-earnings ratio of 18.20, a P/E/G ratio of 2.64 and a beta of 1.33. Corning Incorporated has a 1 year low of $22.33 and a 1 year high of $32.31. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $2.61 billion during 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 firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. equities analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently announced 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 is presently 26.38%.
Several equities analysts recently issued reports on GLW shares. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a report on Monday, July 10th. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price objective on shares of Corning in a report on Thursday, August 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 assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.28.
In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the transaction, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold 413,207 shares of company stock valued at $12,611,130 over the last 90 days. 0.59% of the stock is currently owned by insiders.
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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