WINTON GROUP Ltd Reduces Stake in Corning Incorporated (GLW)
WINTON GROUP Ltd decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 85.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,447 shares of the electronics maker’s stock after selling 202,756 shares during the quarter. WINTON GROUP Ltd’s holdings in Corning were worth $1,031,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. GLG Partners LP purchased a new stake in shares of Corning in the second quarter valued at about $102,000. MPS Loria Financial Planners LLC purchased a new stake in shares of Corning in the second quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the period. Central Bank & Trust Co. grew its holdings in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 345 shares during the period. Finally, Harfst & Associates Inc. grew its holdings in shares of Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares during the period. 72.43% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the stock. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Goldman Sachs Group lowered shares of Corning from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a report on Tuesday, October 24th. Jefferies Group reissued a “hold” rating and issued a $29.50 price objective on shares of Corning in a report on Friday, October 6th. Finally, Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $29.28.
In other news, Director Hansel E. Tookes II sold 6,513 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the sale, the director now owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. Insiders sold 294,561 shares of company stock worth $9,254,498 in the last ninety days. 0.59% of the stock is currently owned by corporate insiders.
Corning Incorporated (NYSE GLW) traded up $0.03 during midday trading on Wednesday, reaching $32.24. 4,383,400 shares of the company’s stock were exchanged, compared to its average volume of 6,182,671. Corning Incorporated has a 52 week low of $23.59 and a 52 week high of $32.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. The firm has a market capitalization of $27,992.34, a PE ratio of 18.51, a P/E/G ratio of 2.68 and a beta of 1.33.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating 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 company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. equities research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business 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 $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.92%. Corning’s payout ratio is currently 26.38%.
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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