WINTON GROUP Ltd reduced its stake in Corning Incorporated (NYSE:GLW) by 15.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,007,377 shares of the company’s stock after selling 379,734 shares during the period. Corning makes up about 0.8% of WINTON GROUP Ltd’s investment portfolio, making the stock its 24th largest position. WINTON GROUP Ltd owned approximately 0.21% of Corning worth $47,474,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Rowland & Co. Investment Counsel ADV bought a new stake in Corning during the third quarter valued at $111,000. Whittier Trust Co. boosted its position in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the period. Independent Portfolio Consultants Inc. boosted its position in Corning by 77.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 7,801 shares of the company’s stock valued at $184,000 after buying an additional 3,400 shares during the period. Sunbelt Securities Inc. boosted its position in Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock valued at $195,000 after buying an additional 500 shares during the period. Finally, IFC Holdings Incorporated FL acquired a new position in Corning during the third quarter valued at about $202,000. Institutional investors own 77.25% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) opened at 26.73 on Friday. The firm has a 50-day moving average price of $25.08 and a 200-day moving average price of $23.57. Corning Incorporated has a 52 week low of $17.61 and a 52 week high of $26.99. The stock has a market cap of $25.43 billion, a price-to-earnings ratio of 13.62 and a beta of 1.36.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 24th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The business earned $2.55 billion during the quarter, compared to the consensus estimate of $2.49 billion. Corning had a net margin of 39.35% and a return on equity of 10.90%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post $1.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Tuesday, February 28th will be given a $0.155 dividend. The ex-dividend date is Friday, February 24th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.32%. This is an increase from Corning’s previous quarterly dividend of $0.14. Corning’s dividend payout ratio is 16.67%.
Several research firms recently issued reports on GLW. Drexel Hamilton reaffirmed a “sell” rating and issued a $14.50 price objective on shares of Corning in a research report on Tuesday, January 24th. Wells Fargo & Company began coverage on Corning in a research report on Wednesday, December 21st. They issued a “market perform” rating on the stock. Sanford C. Bernstein cut Corning from an “outperform” rating to a “market perform” rating and set a $26.00 price objective on the stock. in a research report on Wednesday. They noted that the move was a valuation call. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, January 25th. Finally, Deutsche Bank AG upped their price objective on Corning from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, January 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $25.54.
In other news, CEO Wendell P. Weeks sold 130,667 shares of the business’s stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $26.40, for a total transaction of $3,449,608.80. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at $1,724,791.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David L. Morse sold 128,103 shares of the business’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $26.70, for a total transaction of $3,420,350.10. Following the sale, the insider now directly owns 64,129 shares of the company’s stock, valued at approximately $1,712,244.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 609,736 shares of company stock valued at $15,566,978. Insiders own 0.60% of the company’s stock.
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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