Oppenheimer Asset Management Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

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Oppenheimer Asset Management Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 1.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 450,179 shares of the electronics maker’s stock after buying an additional 5,950 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.06% of Corning worth $15,892,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Aspiriant LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $205,000. Barings LLC raised its stake in shares of Corning by 225.6% during the third quarter. Barings LLC now owns 56,575 shares of the electronics maker’s stock valued at $1,997,000 after purchasing an additional 39,200 shares during the period. Advanced Asset Management Advisors Inc purchased a new stake in shares of Corning during the third quarter valued at approximately $1,200,000. Alpha Cubed Investments LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $340,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Corning by 0.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 671,158 shares of the electronics maker’s stock valued at $23,691,000 after purchasing an additional 2,905 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

GLW has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, October 22nd. UBS Group lifted their price target on shares of Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Guggenheim restated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Finally, Citigroup dropped their price target on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $35.89.

In other news, VP Eric S. Musser sold 18,225 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $33.45, for a total transaction of $609,626.25. Following the completion of the transaction, the vice president now owns 59,815 shares of the company’s stock, valued at $2,000,811.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total transaction of $334,200.00. Following the transaction, the vice president now directly owns 50,403 shares of the company’s stock, valued at approximately $1,684,468.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,892 shares of company stock valued at $2,087,018. Corporate insiders own 0.46% of the company’s stock.

Corning stock traded down $0.54 during mid-day trading on Friday, reaching $33.56. The company’s stock had a trading volume of 4,629,056 shares, compared to its average volume of 7,264,652. The company has a market cap of $27.22 billion, a PE ratio of 19.51, a P/E/G ratio of 2.19 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio (DPR) is 41.86%.

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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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