Cubist Systematic Strategies LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 55.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,873 shares of the electronics maker’s stock after selling 80,891 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Corning were worth $1,757,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Corning by 0.8% in the 2nd quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock valued at $1,515,178,000 after purchasing an additional 451,656 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Corning by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,247,720 shares of the electronics maker’s stock valued at $336,934,000 after purchasing an additional 617,467 shares during the period. TCW Group Inc. raised its stake in shares of Corning by 5.6% in the 1st quarter. TCW Group Inc. now owns 6,212,465 shares of the electronics maker’s stock valued at $173,203,000 after purchasing an additional 328,291 shares during the period. Janus Henderson Group PLC raised its stake in shares of Corning by 20.2% in the 2nd quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock valued at $161,450,000 after purchasing an additional 986,397 shares during the period. Finally, Levin Capital Strategies L.P. raised its stake in shares of Corning by 23.2% in the 1st quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock valued at $156,693,000 after purchasing an additional 1,057,746 shares during the period. 70.38% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Wendell P. Weeks sold 237,470 shares of Corning stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $33.66, for a total value of $33,660.00. Following the transaction, the vice president now owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. Insiders sold a total of 414,272 shares of company stock valued at $13,759,300 in the last 90 days. 0.46% of the stock is owned by corporate insiders.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 1.73 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.
GLW has been the topic of several recent research reports. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 price target on the stock in a research note on Wednesday, June 20th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Tuesday, June 26th. Guggenheim reissued a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Morgan Stanley lifted their price target on Corning from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, July 26th. Finally, UBS Group lifted their price target on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 26th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $36.10.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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