This works out to a net decrease in ownership of 18.63 million shares, and suggests that institutions are feeling bearish about the stock. Utah Retirement Systems' holdings in Corning were worth $4,987,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management lifted its holdings in shares of Corning by 1.3% during the 2nd quarter. AXA lifted its holdings in Corning by 7.1% during the 1st quarter. Shares for $1.21 million were sold by Kinlin Clark S. 23,236 Corning Incorporated (NYSE:GLW) shares with value of $676,656 were sold by Musser Eric S. Ferrero Lisa had sold 56,500 shares worth $1.64 million on Monday, May 22. This is a positive change from Corning's previous quarterly dividend of $0.14. Boyer & Corporon Wealth Management LLC lifted its holdings in shares of Corning by 1.3% during the 2nd quarter. AQR Capital Management LLC now owns 3,970,046 shares of the company's stock worth $96,353,000 after buying an additional 1,658,207 shares during the last quarter. It also reduced its holding in Capital Bk Finl Corp (NASDAQ:CBF) by 20,605 shares in the quarter, leaving it with 179,950 shares, and cut its stake in Berkshire Hathaway Inc Del (BRKB). Swiss National Bank now owns 3,370,512 shares of the electronics maker's stock worth $91,004,000 after buying an additional 446,200 shares in the last quarter. Currently, 71.13 million total shares are owned by the public and among those 67.38 million shares have been available to trade.
ILLEGAL ACTIVITY NOTICE: "Corning Incorporated (GLW) Stake Boosted by WESPAC Advisors LLC" was originally published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this story on another site, it was stolen and reposted in violation of USA & global trademark and copyright law. The correct version of this article can be viewed at https://www.dispatchtribunal.com/2017/09/17/sg-americas-securities-llc-decreases-position-in-corning-incorporated-glw.html. Citigroup downgraded Corning Incorporated (NYSE:GLW) on Friday, March 31 to "Neutral" rating. The stock has a market capitalization of $26.51 billion, a P/E ratio of 13.11 and a beta of 1.40. The firm's 50 day moving average price is $28.86 and its 200 day moving average price is $28.83.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.49 billion. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. After $2.28 actual earnings per share reported by Lithia Motors Inc for the previous quarter, Wall Street now forecasts 4.82% EPS growth.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. "(PX) Ex-Dividend Date Scheduled for September 07, 2017" on September 06, 2017. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.28%. Corning's dividend payout ratio (DPR) is now 27.93%. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the sale, the insider now directly owns 72,039 shares of the company's stock, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David L. Morse sold 128,103 shares of the company's stock in a transaction that occurred on Wednesday, January 25th. Over the last ninety days, insiders sold 559,209 shares of company stock valued at $14,379,156. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 over the last three months.
Several equities analysts have recently weighed in on GLW shares. Jefferies Group LLC restated a "hold" rating and set a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Deutsche Bank AG raised their target price on shares of Corning from $26.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, January 18th. Drexel Hamilton restated a "sell" rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Susquehanna Bancshares Inc reiterated a "positive" rating and set a $35.00 price objective on shares of Corning in a report on Thursday, August 24th. Finally, Vetr upgraded Corning from a "buy" rating to a "strong-buy" rating and set a $33.69 price objective on the stock in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. A composite of 13 technical indicators that includes measures such as moving averages and momentum oscillators suggests that GLW is a hold, which implies that GLW is expected to perform in line with the market based on prior trading patterns. Corning Incorporated (NYSE:GLW) has risen 53.38% since September 16, 2016 and is uptrending. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
Given what the insider ownership patterns are saying, it makes sense to consider the technicals to see if these pieces of information reach the same conclusion about the outlook for GLW.