Rand Wealth LLC boosted its stake in shares of Corning Inc. (NYSE:GLW) by 5.4% during the third quarter, Holdings Channel reports. The fund owned 12,016 shares of the company’s stock after buying an additional 616 shares during the period. Rand Wealth LLC’s holdings in Corning were worth $284,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas increased its stake in Corning by 735.3% in the third quarter. Teacher Retirement System of Texas now owns 665,328 shares of the company’s stock valued at $15,735,000 after buying an additional 585,675 shares in the last quarter. Walter & Keenan Financial Consulting Co. MI ADV bought a new stake in Corning during the third quarter valued at about $213,000. Granite Investment Advisors Inc. increased its stake in Corning by 9.1% in the third quarter. Granite Investment Advisors Inc. now owns 467,554 shares of the company’s stock valued at $11,058,000 after buying an additional 38,995 shares in the last quarter. Toronto Dominion Bank increased its stake in Corning by 238.1% in the third quarter. Toronto Dominion Bank now owns 34,786 shares of the company’s stock valued at $823,000 after buying an additional 24,498 shares in the last quarter. Finally, Hosking Partners LLP bought a new stake in Corning during the third quarter valued at about $3,282,000. Institutional investors and hedge funds own 80.30% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.58% on Friday, hitting $24.33. The stock had a trading volume of 1,230,572 shares. The company has a 50 day moving average price of $23.38 and a 200-day moving average price of $21.97. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $24.33. The stock has a market cap of $23.14 billion, a PE ratio of 12.40 and a beta of 1.32.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the company posted $0.34 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Inc. will post $1.49 earnings per share for the current year.
The company also recently announced 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. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is 27.84%.
Several equities research analysts have issued reports on the company. Deutsche Bank AG increased their target price on Corning from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $27.00 price target on shares of Corning in a report on Wednesday, November 2nd. Citigroup Inc. upped their price target on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Finally, Vetr cut shares of Corning from a “hold” rating to a “sell” rating and set a $21.30 price target on the stock. in a report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.91.
In related news, CEO Wendell P. Weeks sold 204,750 shares of Corning stock in a transaction on Wednesday, October 26th. The shares were sold at an average price of $23.07, for a total transaction of $4,723,582.50. Following the transaction, the chief executive officer now owns 136,500 shares in the company, valued at approximately $3,149,055. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 32,300 shares of Corning stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $24.04, for a total transaction of $776,492.00. Following the transaction, the insider now owns 145,202 shares in the company, valued at approximately $3,490,656.08. The disclosure for this sale can be found here. Corporate 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.