DNB Asset Management AS decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,023 shares of the electronics maker’s stock after selling 405 shares during the period. DNB Asset Management AS’s holdings in Corning were worth $2,396,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Manchester Financial Inc. bought a new position in Corning during the 2nd quarter valued at approximately $29,000. TRUE Private Wealth Advisors bought a new position in shares of Corning in the 2nd quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Corning in the 2nd quarter worth approximately $33,000. SRS Capital Advisors Inc. bought a new position in shares of Corning in the 2nd quarter worth approximately $35,000. Finally, M&R Capital Management Inc. raised its position in shares of Corning by 317.5% in the 2nd quarter. M&R Capital Management Inc. now owns 1,315 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 1,000 shares in the last quarter. 71.27% of the stock is owned by institutional investors and hedge funds.
In related news, insider Clark S. Kinlin sold 9,667 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by company insiders.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the company earned $0.38 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Thursday, November 14th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
Several brokerages have recently issued reports on GLW. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Cross Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Barclays set a $33.00 target price on Corning and gave the stock a “buy” rating in a research report on Tuesday, September 17th. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. Finally, Deutsche Bank set a $36.00 target price on Corning and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $33.67.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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