Principal Financial Group Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,409,609 shares of the electronics maker’s stock after selling 110,503 shares during the period. Principal Financial Group Inc. owned 0.16% of Corning worth $42,175,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after buying an additional 965,976 shares during the period. BlackRock Inc. boosted its holdings in shares of Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after buying an additional 971,936 shares during the period. LSV Asset Management boosted its holdings in shares of Corning by 1.3% during the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after buying an additional 165,214 shares during the period. Finally, Geode Capital Management LLC raised its stake in Corning by 12.8% during the 1st quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after purchasing an additional 1,071,544 shares during the last quarter. 73.54% of the stock is owned by institutional investors and hedge funds.
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In related news, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the sale, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock valued at $12,907,983 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.
GLW has been the subject of several research analyst reports. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup Inc. upped their target price on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $29.28.
Shares of Corning Incorporated (NYSE GLW) opened at $31.32 on Thursday. The stock has a market cap of $27,549.12, a PE ratio of 18.22, a P/E/G ratio of 2.64 and a beta of 1.33. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. Corning Incorporated has a 1 year low of $23.48 and a 1 year high of $32.33.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the company posted $0.42 EPS. analysts expect that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 26.38%.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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