Staley Capital Advisers Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 2.5% during the 4th quarter, HoldingsChannel reports. The fund owned 1,422,956 shares of the electronics maker’s stock after selling 37,200 shares during the quarter. Corning makes up approximately 3.5% of Staley Capital Advisers Inc.’s investment portfolio, making the stock its 9th biggest position. Staley Capital Advisers Inc.’s holdings in Corning were worth $42,987,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. Coastline Trust Co grew its holdings in shares of Corning by 1.0% during the fourth quarter. Coastline Trust Co now owns 60,372 shares of the electronics maker’s stock worth $1,824,000 after purchasing an additional 592 shares during the last quarter. Polaris Greystone Financial Group LLC grew its holdings in shares of Corning by 1.7% during the third quarter. Polaris Greystone Financial Group LLC now owns 743,241 shares of the electronics maker’s stock worth $26,236,000 after purchasing an additional 12,759 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. Man Group plc grew its holdings in shares of Corning by 17.7% during the third quarter. Man Group plc now owns 18,431 shares of the electronics maker’s stock worth $650,000 after purchasing an additional 2,774 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Corning by 3.6% during the second quarter. Advisors Asset Management Inc. now owns 236,132 shares of the electronics maker’s stock worth $6,496,000 after purchasing an additional 8,311 shares during the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
NYSE GLW opened at $33.64 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 2.12. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56. The stock has a market cap of $26.70 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.90 and a beta of 1.21.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, February 28th will be given a $0.20 dividend. The ex-dividend date is Wednesday, February 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.38%. This is an increase from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio (DPR) is presently 40.45%.
GLW has been the topic of several research reports. Guggenheim reaffirmed a “buy” rating and set a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. UBS Group set a $33.00 price objective on Corning and gave the stock a “hold” rating in a report on Tuesday, October 23rd. 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. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Friday, November 16th. Finally, ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.50.
In related news, Director Deborah Rieman sold 4,430 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $32.30, for a total value of $143,089.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David L. Morse sold 35,701 shares of the firm’s stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $33.71, for a total transaction of $1,203,480.71. Following the completion of the sale, the insider now owns 47,961 shares of the company’s stock, valued at approximately $1,616,765.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,009 shares of company stock valued at $3,330,247. 0.46% of the stock is owned by insiders.
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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