The Minneapolis Portfolio Management Group LLC Has $42,091,000 Stake in Corning Inc. (GLW)

The Minneapolis Portfolio Management Group LLC Has $42,091,000 Stake in Corning Inc. (GLW)

Minneapolis Portfolio Management Group LLC cut its stake in Corning Inc. (NYSE:GLW) by 0.8% during the third quarter, Holdings Channel reports. The fund owned 1,779,736 shares of the company’s stock after selling 14,816 shares during the period. Corning makes up about 7.3% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its 3rd largest position. Minneapolis Portfolio Management Group LLC owned about 0.19% of Corning worth $42,091,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GLW. Emerald Acquisition Ltd. purchased a new stake in shares of Corning during the second quarter valued at approximately $133,993,000. Bank of New York Mellon Corp raised its stake in shares of Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock valued at $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Corning during the second quarter valued at approximately $18,716,000. Bridgeway Capital Management Inc. raised its stake in shares of Corning by 40.6% in the second quarter. Bridgeway Capital Management Inc. now owns 2,141,000 shares of the company’s stock valued at $43,848,000 after buying an additional 618,600 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of Corning by 29.2% in the second quarter. Guggenheim Capital LLC now owns 2,504,185 shares of the company’s stock valued at $51,286,000 after buying an additional 565,536 shares during the last quarter. 75.75% of the stock is owned by institutional investors.

Shares of Corning Inc. (NYSE:GLW) opened at 24.56 on Thursday. Corning Inc. has a 52 week low of $16.57 and a 52 week high of $25.35. The company has a market capitalization of $23.36 billion, a PE ratio of 12.52 and a beta of 1.31. The firm’s 50-day moving average price is $24.40 and its 200 day moving average price is $23.16.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.34 EPS. Equities analysts predict that Corning Inc. will post $1.49 EPS for the current year.

Several analysts have issued reports on the company. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price target for the company in a report on Tuesday, November 15th. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Susquehanna reissued a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a report on Wednesday, September 28th. Guggenheim assumed coverage on Corning in a report on Wednesday, January 4th. They set a “buy” rating and a $28.00 price target for the company. Finally, Bank of America Corp. reissued a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $24.56.

In other news, CEO Wendell P. Weeks sold 204,750 shares of the firm’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total transaction of $4,723,582.50. Following the sale, the chief executive officer now directly owns 136,500 shares in the company, valued at approximately $3,149,055. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clark S. Kinlin sold 66,667 shares of the firm’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $22.92, for a total value of $1,528,007.64. Following the sale, the insider now owns 70,068 shares in the company, valued at $1,605,958.56. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

Corning Company Profile

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.

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