Buckingham Asset Management LLC Acquires New Position in Corning Incorporated (GLW)

Buckingham Asset Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,600 shares of the electronics maker’s stock, valued at approximately $227,000.

A number of other institutional investors have also recently modified their holdings of the business. Amalgamated Bank grew its stake in shares of Corning by 6.1% during the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 3,862 shares during the last quarter. Andra AP fonden grew its stake in shares of Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after purchasing an additional 5,500 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Corning by 2.9% during the second quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock valued at $152,175,000 after purchasing an additional 144,400 shares during the last quarter. Convergence Investment Partners LLC boosted its stake in Corning by 21.1% in the second quarter. Convergence Investment Partners LLC now owns 101,315 shares of the electronics maker’s stock valued at $3,045,000 after acquiring an additional 17,670 shares during the last quarter. Finally, BB&T Securities LLC boosted its stake in Corning by 33.6% in the second quarter. BB&T Securities LLC now owns 135,775 shares of the electronics maker’s stock valued at $4,080,000 after acquiring an additional 34,132 shares during the last quarter. 73.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Corning Incorporated (GLW) traded down $0.02 during trading hours on Friday, hitting $31.63. 3,415,928 shares of the stock traded hands, compared to its average volume of 6,214,843. The firm has a market cap of $27,510.00, a PE ratio of 18.22, a PEG ratio of 2.64 and a beta of 1.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning Incorporated has a one year low of $23.48 and a one year high of $32.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. sell-side analysts forecast that Corning Incorporated will post 1.7 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is 26.38%.

WARNING: “Buckingham Asset Management LLC Acquires New Position in Corning Incorporated (GLW)” was originally posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this report on another website, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The correct version of this report can be read at https://sportsperspectives.com/2017/11/18/buckingham-asset-management-llc-acquires-new-position-in-corning-incorporated-glw.html.

In related news, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now directly owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock worth $12,907,983 over the last three months. Insiders own 0.59% of the company’s stock.

GLW has been the topic of a number of recent research reports. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and issued a $29.50 target price on shares of Corning in a report on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $29.28.

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).

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply