Corning Incorporated (GLW) Holdings Trimmed by Chevy Chase Trust Holdings Inc.

Chevy Chase Trust Holdings Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 4.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 670,673 shares of the electronics maker’s stock after selling 33,551 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Corning were worth $23,674,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. GHP Investment Advisors Inc. grew its holdings in Corning by 2.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after buying an additional 1,550 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Corning by 6.4% during the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock worth $713,000 after purchasing an additional 1,551 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of Corning by 21.7% during the second quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock worth $243,000 after purchasing an additional 1,575 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Corning by 5.5% during the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock worth $892,000 after purchasing an additional 1,691 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Corning by 8.8% during the second quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock worth $585,000 after purchasing an additional 1,714 shares in the last quarter. 70.34% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently commented on GLW shares. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $32.50 to $40.00 in a report on Friday, September 14th. Argus boosted their price objective on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 price objective on Corning and gave the stock a “hold” rating in a report on Wednesday, September 26th. Finally, Morgan Stanley boosted their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $35.89.



Shares of NYSE GLW opened at $30.69 on Friday. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a quick ratio of 1.58, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The stock has a market cap of $25.17 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 2.02 and a beta of 1.35.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. Corning’s revenue was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Sell-side analysts anticipate that Corning Incorporated will post 1.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is currently 41.86%.

In other Corning news, VP Edward A. Schlesinger sold 3,953 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $33.46, for a total value of $132,267.38. Following the completion of the sale, the vice president now owns 25,991 shares of the company’s stock, valued at $869,658.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Clark S. Kinlin sold 45,298 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $33.15, for a total value of $1,501,628.70. Following the completion of the sale, the executive vice president now directly owns 72,741 shares of the company’s stock, valued at approximately $2,411,364.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 414,272 shares of company stock valued at $13,759,300. 0.46% of the stock is owned by insiders.

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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