National Pension Service decreased its stake in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,210,880 shares of the electronics maker’s stock after selling 22,457 shares during the period. National Pension Service owned approximately 0.14% of Corning worth $35,866,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in shares of Corning by 72.5% in the 3rd quarter. Bank of Montreal Can now owns 1,133,923 shares of the electronics maker’s stock worth $33,810,000 after purchasing an additional 476,621 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Corning in the third quarter worth about $241,000. DNB Asset Management AS boosted its holdings in shares of Corning by 0.9% in the third quarter. DNB Asset Management AS now owns 124,532 shares of the electronics maker’s stock worth $3,614,000 after buying an additional 1,094 shares during the period. Girard Partners LTD. boosted its holdings in shares of Corning by 12.6% in the third quarter. Girard Partners LTD. now owns 26,177 shares of the electronics maker’s stock worth $759,000 after buying an additional 2,936 shares during the period. Finally, Hexagon Capital Partners LLC boosted its holdings in shares of Corning by 17.2% in the third quarter. Hexagon Capital Partners LLC now owns 4,597 shares of the electronics maker’s stock worth $133,000 after buying an additional 676 shares during the period. Institutional investors and hedge funds own 67.79% of the company’s stock.
In other news, insider Li Fang sold 19,909 shares of Corning stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Li Fang sold 19,909 shares of the business’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the transaction, the vice president now directly owns 5,744 shares in the company, valued at approximately $206,784. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
Corning Price Performance
Corning (NYSE:GLW – Get Rating) last released its quarterly earnings results on Tuesday, January 31st. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Corning had a net margin of 9.27% and a return on equity of 14.82%. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 1.96 EPS for the current fiscal year.
Corning Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be given a $0.28 dividend. This is a positive change from Corning’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.36%. Corning’s dividend payout ratio (DPR) is currently 72.73%.
Analyst Upgrades and Downgrades
Several research analysts have commented on the stock. StockNews.com assumed coverage on shares of Corning in a report on Thursday. They issued a “hold” rating for the company. Morgan Stanley decreased their price target on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, December 13th. Credit Suisse Group decreased their price target on shares of Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 1st. Susquehanna raised their price target on shares of Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a report on Thursday, February 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, December 20th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $37.78.
Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network 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 polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.
- Get a free copy of the StockNews.com research report on Corning (GLW)
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