Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its position in Corning Incorporated (NYSE:GLW) by 18.8% during the third quarter, Holdings Channel reports. The firm owned 367,509 shares of the company’s stock after selling 85,275 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Corning were worth $8,692,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in GLW. Bank of New York Mellon Corp raised its stake in 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. Emerald Acquisition Ltd. purchased a new stake in Corning during the second quarter valued at approximately $133,993,000. TCW Group Inc. raised its stake in Corning by 1.6% in the second quarter. TCW Group Inc. now owns 5,653,655 shares of the company’s stock valued at $115,786,000 after buying an additional 90,031 shares during the last quarter. Bessemer Group Inc. raised its stake in Corning by 9.4% in the second quarter. Bessemer Group Inc. now owns 5,156,422 shares of the company’s stock valued at $105,604,000 after buying an additional 442,903 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Corning by 12.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,591,421 shares of the company’s stock valued at $84,937,000 after buying an additional 404,071 shares during the last quarter. 77.10% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE:GLW) opened at 26.18 on Wednesday. The stock’s 50 day moving average is $24.56 and its 200-day moving average is $23.30. Corning Incorporated has a 52 week low of $17.52 and a 52 week high of $26.23. The firm has a market cap of $24.90 billion, a PE ratio of 13.34 and a beta of 1.31.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 24th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm earned $2.55 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the previous year, the business earned $0.34 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post $1.49 EPS for the current fiscal year.
Several analysts have commented on GLW shares. Jefferies Group LLC increased their price target on shares of Corning to $24.50 in a research report on Wednesday. Barclays PLC increased their price target on shares of Corning to $28.00 in a research report on Wednesday. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $27.00 price target on shares of Corning in a research report on Wednesday, November 2nd. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, November 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.86.
In other Corning news, VP Eric S. Musser sold 26,792 shares of the business’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $23.50, for a total value of $629,612.00. Following the completion of the sale, the vice president now owns 55,868 shares in the company, valued at $1,312,898. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Hansel E. Tookes II sold 1,985 shares of the business’s stock in a transaction that occurred on Tuesday, November 29th. The shares were sold at an average price of $24.34, for a total value of $48,314.90. Following the completion of the sale, the director now owns 88,848 shares of the company’s stock, valued at approximately $2,162,560.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 308,391 shares of company stock valued at $7,316,992. 0.60% of the stock is owned by company insiders.
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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