Bank of Montreal Can trimmed its stake in Corning Incorporated (NYSE:GLW) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,062,975 shares of the electronics maker’s stock after selling 37,898 shares during the period. Bank of Montreal Can owned about 0.13% of Corning worth $37,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in GLW. Founders Capital Management purchased a new stake in Corning during the second quarter worth $105,000. Private Capital Group LLC boosted its holdings in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after buying an additional 3,683 shares in the last quarter. NEXT Financial Group Inc purchased a new stake in Corning during the third quarter worth $117,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after buying an additional 4,584 shares in the last quarter. Finally, City Holding Co. purchased a new position in Corning during the second quarter valued at $137,000. 70.58% of the stock is owned by institutional investors.
In related news, VP Eric S. Musser sold 18,225 shares of Corning stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $33.45, for a total value of $609,626.25. Following the completion of the transaction, the vice president now owns 59,815 shares in the company, valued at $2,000,811.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of 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. In the last three months, insiders sold 59,892 shares of company stock valued at $2,087,018. Insiders own 0.46% of the company’s stock.
Corning stock traded down $0.54 during midday trading on Friday, hitting $33.56. 4,629,056 shares of the stock were exchanged, compared to its average volume of 7,264,652. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The stock has a market cap of $27.22 billion, a P/E ratio of 19.51, a PEG ratio of 2.19 and a beta of 1.28. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same period last year, the business earned $0.40 earnings per share. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. As a group, analysts forecast that Corning Incorporated will post 1.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.
Several research firms have issued reports on GLW. Argus increased their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 price objective on shares of Corning and gave the company a “hold” rating in a report on Wednesday, September 26th. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and raised their price target for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $35.89.
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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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