BNP Paribas Arbitrage SA boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 56.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 758,090 shares of the electronics maker’s stock after buying an additional 272,179 shares during the period. BNP Paribas Arbitrage SA owned about 0.09% of Corning worth $22,682,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of GLW. GLG Partners LP acquired a new stake in Corning during the second quarter worth $102,000. MPS Loria Financial Planners LLC acquired a new stake in Corning during the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. boosted its stake in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares in the last quarter. Central Bank & Trust Co. boosted its stake in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. boosted its stake in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares in the last quarter. Hedge funds and other institutional investors own 73.19% of the company’s stock.
In other news, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now directly owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock valued at $12,907,983 over the last three months. Company insiders own 0.59% of the company’s stock.
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Shares of Corning Incorporated (NYSE GLW) traded down $0.06 during trading hours on Friday, reaching $31.73. The company’s stock had a trading volume of 3,346,200 shares, compared to its average volume of 6,274,542. The company has a market cap of $27,627.34, a PE ratio of 18.27, a P/E/G ratio of 2.65 and a beta of 1.33. Corning Incorporated has a 12-month low of $23.11 and a 12-month high of $32.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. sell-side analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.95%. Corning’s dividend payout ratio is currently 26.38%.
A number of research firms have weighed in on GLW. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 26th. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, August 15th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and reduced their target price for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $29.28.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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