Achmea Investment Management B.V. trimmed its position in Corning Incorporated (NYSE:GLW) by 46.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 73,763 shares of the electronics maker’s stock after selling 64,351 shares during the period. Achmea Investment Management B.V.’s holdings in Corning were worth $2,599,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of GLW. Bank of Montreal Can bought a new stake in Corning in the 2nd quarter worth about $30,286,000. Janus Henderson Group PLC grew its position in shares of Corning by 20.2% during 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 acquiring an additional 986,397 shares during the period. Chevy Chase Trust Holdings Inc. bought a new position in shares of Corning during the 2nd quarter valued at approximately $19,372,000. Bank of New York Mellon Corp grew its position in shares of Corning by 5.3% during 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 acquiring an additional 617,467 shares during the period. Finally, Westpac Banking Corp grew its position in shares of Corning by 1,017.3% during the 2nd quarter. Westpac Banking Corp now owns 658,877 shares of the electronics maker’s stock valued at $18,126,000 after acquiring an additional 599,908 shares during the period. 70.83% of the stock is owned by institutional investors and hedge funds.
Shares of GLW stock traded down $1.24 during trading on Wednesday, reaching $32.15. 6,318,696 shares of the company’s stock traded hands, compared to its average volume of 4,702,583. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $36.56. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $25.79 billion, a P/E ratio of 18.69, a PEG ratio of 2.15 and a beta of 1.29.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is presently 41.86%.
GLW has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and increased their target price for the company from $32.50 to $40.00 in a research report on Friday, September 14th. Guggenheim reissued a “buy” rating and set a $41.00 target price on shares of Corning in a research report on Tuesday, October 23rd. Argus increased their target price on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research report on Thursday, September 20th. Finally, UBS Group set a $33.00 target price on shares of Corning and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $36.11.
In other news, insider David L. Morse sold 30,151 shares of the firm’s stock in a transaction on Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the sale, the insider now owns 146,049 shares in the company, valued at approximately $5,284,052.82. The disclosure for this sale can be found here. Insiders sold a total of 77,975 shares of company stock worth $2,622,698 over the last quarter. Corporate insiders own 0.46% of the company’s stock.
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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