Cubist Systematic Strategies LLC Has $1.39 Million Position in Corning Incorporated (GLW)

Cubist Systematic Strategies LLC increased its stake in Corning Incorporated (NYSE:GLW) by 206.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 46,393 shares of the electronics maker’s stock after purchasing an additional 31,249 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Corning were worth $1,388,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. GLG Partners LP bought a new position in Corning in the 2nd quarter worth approximately $102,000. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. increased its position in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the period. Harfst & Associates Inc. increased its position in Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares during the period. Finally, Grove Bank & Trust increased its position in Corning by 31.7% in the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the period. Hedge funds and other institutional investors own 72.43% of the company’s stock.

In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is currently owned by company insiders.

Several research analysts have commented on GLW shares. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, December 12th. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Deutsche Bank lifted their price target on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $29.50 price target on shares of Corning in a research report on Friday, October 6th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $29.28.

Shares of Corning Incorporated (NYSE:GLW) opened at $32.05 on Friday. The stock has a market capitalization of $27,853.28, a P/E ratio of 18.42, a PEG ratio of 2.67 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 $24.12 and a 1 year high of $32.81.

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, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 earnings per share. analysts predict that Corning Incorporated will post 1.7 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 16th were given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.

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Corning 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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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