KBC Group NV raised its position in Corning Inc. (NYSE:GLW) by 58.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 554,853 shares of the company’s stock after buying an additional 204,063 shares during the period. KBC Group NV owned approximately 0.06% of Corning worth $13,123,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Rowland & Co. Investment Counsel ADV bought a new position in Corning during the third quarter valued at approximately $111,000. Whittier Trust Co. increased 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. First Manhattan Co. increased its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares during the period. Independent Portfolio Consultants Inc. increased 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. Finally, Sunbelt Securities Inc. increased 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. Institutional investors and hedge funds own 80.30% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.41% during trading on Friday, reaching $24.29. 2,605,050 shares of the company traded hands. The company has a market capitalization of $23.11 billion, a price-to-earnings ratio of 12.38 and a beta of 1.32. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $24.36. The firm’s 50 day moving average price is $23.38 and its 200-day moving average price is $21.97.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The company earned $2.51 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the prior year, the company earned $0.34 EPS. Corning’s revenue was up 4.0% compared to the same quarter last year. Equities analysts anticipate that Corning Inc. will post $1.49 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be paid a dividend of $0.135 per share. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a yield of 2.22%. Corning’s dividend payout ratio is presently 27.84%.
Several research firms have commented on GLW. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, November 15th. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Goldman Sachs Group Inc. reissued a “buy” rating and set a $27.00 price objective on shares of Corning in a report on Wednesday, November 2nd. Drexel Hamilton reaffirmed a “sell” rating and issued a $14.50 price target on shares of Corning in a report on Tuesday, October 25th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $22.91.
In other Corning news, VP Edward A. Schlesinger sold 6,252 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $23.57, for a total value of $147,359.64. Following the transaction, the vice president now directly owns 31,264 shares in the company, valued at approximately $736,892.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Martin J. Curran sold 54,416 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $22.87, for a total transaction of $1,244,493.92. Following the completion of the transaction, the vice president now owns 32,115 shares in the company, valued at $734,470.05. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.