Thompson Investment Management Inc. Sells 1,800 Shares of Corning Incorporated (NYSE:GLW)

Thompson Investment Management Inc. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,713 shares of the electronics maker’s stock after selling 1,800 shares during the period. Thompson Investment Management Inc.’s holdings in Corning were worth $3,871,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Corning by 0.6% in the second quarter. Vanguard Group Inc. now owns 62,772,063 shares of the electronics maker’s stock valued at $2,085,916,000 after acquiring an additional 378,244 shares during the last quarter. Janus Henderson Group PLC raised its position in Corning by 29.1% in the 2nd quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after purchasing an additional 2,117,416 shares during the last quarter. Morgan Stanley raised its position in Corning by 82.0% in the 2nd quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after purchasing an additional 3,614,848 shares during the last quarter. Nuveen Asset Management LLC raised its position in Corning by 6,470.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after purchasing an additional 5,760,811 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Corning by 2.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 5,513,343 shares of the electronics maker’s stock worth $183,208,000 after purchasing an additional 126,838 shares during the last quarter. Hedge funds and other institutional investors own 71.13% of the company’s stock.

In other Corning news, Director Hansel E. Tookes II sold 2,345 shares of Corning stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $30.00, for a total transaction of $70,350.00. Following the completion of the sale, the director now owns 89,208 shares of the company’s stock, valued at approximately $2,676,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $29.78, for a total transaction of $29,780.00. Following the sale, the vice president now directly owns 58,036 shares of the company’s stock, valued at approximately $1,728,312.08. The disclosure for this sale can be found here. Insiders have sold a total of 13,012 shares of company stock valued at $370,226 in the last ninety days. Company insiders own 0.46% of the company’s stock.

Several research analysts recently weighed in on the stock. Barclays set a $33.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Bank of America dropped their price objective on shares of Corning from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research report on Friday, September 6th. Finally, Deutsche Bank cut shares of Corning from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $33.00 to $30.00 in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Corning has an average rating of “Hold” and an average target price of $32.64.

GLW traded up $0.18 during trading on Friday, reaching $30.37. 2,639,322 shares of the company’s stock were exchanged, compared to its average volume of 4,990,255. The company’s fifty day moving average price is $28.97 and its 200-day moving average price is $30.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.06 and a current ratio of 1.71. Corning Incorporated has a fifty-two week low of $26.75 and a fifty-two week high of $35.34. The firm has a market capitalization of $23.11 billion, a PE ratio of 17.06, a P/E/G ratio of 2.13 and a beta of 1.16.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same quarter in the previous year, the business earned $0.51 EPS. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. Research analysts forecast that Corning Incorporated will post 1.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, November 14th. Corning’s dividend payout ratio is presently 44.94%.

Corning Company Profile

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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