Sandy Spring Bank lessened its stake in Corning Incorporated (NYSE:GLW) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,046 shares of the electronics maker’s stock after selling 1,990 shares during the quarter. Sandy Spring Bank’s holdings in Corning were worth $1,719,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Corning by 17.3% in the second quarter. Vanguard Group Inc. now owns 75,624,176 shares of the electronics maker’s stock valued at $1,958,666,000 after acquiring an additional 11,133,114 shares during the last quarter. FMR LLC grew its holdings in shares of Corning by 47.8% during the second quarter. FMR LLC now owns 5,872,584 shares of the electronics maker’s stock worth $152,099,000 after purchasing an additional 1,898,074 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Corning by 47.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,762,964 shares of the electronics maker’s stock worth $123,361,000 after purchasing an additional 1,543,345 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Corning by 57.4% during the second quarter. Neuberger Berman Group LLC now owns 2,586,594 shares of the electronics maker’s stock worth $66,980,000 after purchasing an additional 943,677 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Corning by 1,450.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 838,142 shares of the electronics maker’s stock worth $27,164,000 after purchasing an additional 784,096 shares during the last quarter. 75.55% of the stock is owned by institutional investors and hedge funds.
In related news, VP Martin J. Curran sold 41,484 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $31.75, for a total transaction of $1,317,117.00. Following the completion of the sale, the vice president now owns 21,346 shares in the company, valued at $677,735.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wendell P. Weeks sold 54,917 shares of the company’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $32.47, for a total value of $1,783,154.99. Insiders have sold 131,614 shares of company stock worth $4,296,225 over the last ninety days. 0.47% of the stock is owned by insiders.
GLW has been the topic of several analyst reports. Cross Research upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, October 27th. Barclays upped their target price on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a report on Wednesday, July 29th. Citigroup boosted their price target on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. 140166 reissued a “hold” rating and issued a $26.00 price target on shares of Corning in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $36.00 to $39.00 in a research note on Friday, September 11th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Corning currently has an average rating of “Hold” and an average price target of $33.50.
Shares of NYSE:GLW traded down $0.51 during trading on Tuesday, reaching $36.47. 34,427 shares of the stock were exchanged, compared to its average volume of 5,712,466. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.09 and a quick ratio of 1.42. Corning Incorporated has a 1-year low of $17.44 and a 1-year high of $37.13. The stock has a fifty day moving average of $34.13 and a two-hundred day moving average of $29.40. The firm has a market cap of $28.25 billion, a price-to-earnings ratio of 184.90, a price-to-earnings-growth ratio of 8.97 and a beta of 1.13.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Corning had a return on equity of 11.50% and a net margin of 2.71%. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. Corning’s revenue for the quarter was up 1.3% on a year-over-year basis. Sell-side analysts forecast that Corning Incorporated will post 1.36 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, November 12th. Corning’s payout ratio is 50.00%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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