Russell Investments Group Ltd. reduced its stake in Corning Incorporated (NYSE:GLW) by 8.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 518,450 shares of the electronics maker’s stock after selling 46,602 shares during the period. Russell Investments Group Ltd. owned 0.06% of Corning worth $18,922,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Corning by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 91,392,469 shares of the electronics maker’s stock valued at $3,737,951,000 after purchasing an additional 1,284,868 shares during the last quarter. BlackRock Inc. increased its holdings in Corning by 2.3% during the 2nd quarter. BlackRock Inc. now owns 55,346,594 shares of the electronics maker’s stock worth $2,263,680,000 after purchasing an additional 1,242,400 shares in the last quarter. Geode Capital Management LLC increased its holdings in Corning by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 13,110,179 shares of the electronics maker’s stock worth $534,760,000 after purchasing an additional 259,430 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Corning by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,939,337 shares of the electronics maker’s stock worth $365,608,000 after purchasing an additional 94,310 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Corning by 0.8% during the 2nd quarter. Northern Trust Corp now owns 8,726,286 shares of the electronics maker’s stock worth $356,906,000 after purchasing an additional 68,900 shares in the last quarter. 66.63% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on GLW shares. The Goldman Sachs Group decreased their price objective on Corning from $44.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, October 27th. Bank of America decreased their price objective on Corning from $51.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 27th. Susquehanna Bancshares restated a “hold” rating and issued a $38.00 target price on shares of Corning in a research note on Wednesday, October 27th. Susquehanna restated a “neutral” rating and issued a $38.00 target price (down previously from $44.00) on shares of Corning in a research note on Wednesday, October 27th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Corning from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Wednesday, October 27th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $45.58.
In related news, insider Li Fang sold 16,866 shares of the company’s stock in a transaction that occurred on Monday, December 13th. The stock was sold at an average price of $37.48, for a total value of $632,137.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by corporate insiders.
Corning stock opened at $37.97 on Monday. Corning Incorporated has a 12 month low of $35.03 and a 12 month high of $46.82. The company has a current ratio of 1.77, a quick ratio of 1.20 and a debt-to-equity ratio of 0.57. The business’s 50 day simple moving average is $37.66 and its 200 day simple moving average is $38.75. The company has a market cap of $32.40 billion, a price-to-earnings ratio of 39.55, a PEG ratio of 0.85 and a beta of 1.08.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 26th. The electronics maker reported $0.56 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.02). Corning had a net margin of 12.15% and a return on equity of 22.27%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the previous year, the company posted $0.43 EPS. Corning’s revenue for the quarter was up 21.0% on a year-over-year basis. As a group, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.
Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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