ST Germain D J Co. Inc. Has $3.90 Million Stake in Corning Incorporated (GLW)

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ST Germain D J Co. Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 1.0% during the 4th quarter, HoldingsChannel reports. The fund owned 129,203 shares of the electronics maker’s stock after selling 1,340 shares during the quarter. ST Germain D J Co. Inc.’s holdings in Corning were worth $3,903,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of Corning by 7.7% during the third quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock worth $465,596,000 after purchasing an additional 941,964 shares during the last quarter. Lyrical Asset Management LP grew its holdings in shares of Corning by 3.8% during the third quarter. Lyrical Asset Management LP now owns 12,224,502 shares of the electronics maker’s stock worth $160,385,000 after purchasing an additional 450,939 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Corning by 2.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock worth $290,419,000 after purchasing an additional 214,078 shares during the last quarter. Morgan Stanley grew its holdings in shares of Corning by 10.4% during the third quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock worth $214,795,000 after purchasing an additional 573,273 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of Corning by 61.5% during the third quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock worth $144,745,000 after purchasing an additional 1,562,192 shares during the last quarter. 71.51% of the stock is currently owned by hedge funds and other institutional investors.

In other news, SVP Lewis A. Steverson sold 12,577 shares of the stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $31.47, for a total transaction of $395,798.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Deborah Rieman sold 4,430 shares of the stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $32.30, for a total transaction of $143,089.00. The disclosure for this sale can be found here. Insiders have sold 103,009 shares of company stock valued at $3,330,247 in the last quarter. Insiders own 0.46% of the company’s stock.

Several brokerages have issued reports on GLW. Guggenheim reaffirmed a “buy” rating and set a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Thursday, December 6th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Finally, Citigroup dropped their price objective on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $35.50.

Shares of GLW opened at $33.36 on Tuesday. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The stock has a market cap of $26.70 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 1.90 and a beta of 1.21. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Corning Incorporated will post 2 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, February 28th will be paid a dividend of $0.20 per share. This is an increase from Corning’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.40%. Corning’s dividend payout ratio is 40.45%.

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Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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