Smith Graham & Co. Investment Advisors LP Trims Position in Corning Incorporated (GLW)

Smith Graham & Co. Investment Advisors LP cut its stake in Corning Incorporated (NYSE:GLW) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 160,540 shares of the electronics maker’s stock after selling 6,460 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Corning were worth $5,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. GHP Investment Advisors Inc. increased its stake in Corning by 2.5% in the second quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after purchasing an additional 1,550 shares during the period. IFP Advisors Inc increased its stake in Corning by 6.4% in the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after purchasing an additional 1,551 shares during the period. Whittier Trust Co. increased its stake in Corning by 21.7% in the second quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock valued at $243,000 after purchasing an additional 1,575 shares during the period. Chicago Partners Investment Group LLC increased its stake in Corning by 5.5% in the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after purchasing an additional 1,691 shares during the period. Finally, Bessemer Group Inc. increased its stake in Corning by 8.8% in the second quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock valued at $585,000 after purchasing an additional 1,714 shares during the period. 70.31% of the stock is owned by hedge funds and other institutional investors.

Shares of Corning stock opened at $31.23 on Wednesday. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. The stock has a market cap of $24.56 billion, a PE ratio of 18.16, a PEG ratio of 1.97 and a beta of 1.35.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the previous year, the business posted $0.40 earnings per share. The business’s revenue was up 15.4% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 1.77 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is 41.86%.

In other news, insider R Tony Tripeny sold 67,659 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $33.00, for a total transaction of $2,232,747.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 365,021 shares of company stock worth $12,125,404. Company insiders own 0.46% of the company’s stock.

GLW has been the topic of a number of recent research reports. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Guggenheim restated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $32.50 to $40.00 in a research note on Friday, September 14th. Finally, Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research note on Thursday, August 30th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Corning has an average rating of “Buy” and a consensus target price of $35.89.

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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