Gamco Investors INC. ET AL Sells 23,902 Shares of Corning Incorporated (GLW)

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Gamco Investors INC. ET AL decreased its holdings in Corning Incorporated (NYSE:GLW) by 7.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 300,959 shares of the electronics maker’s stock after selling 23,902 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Corning were worth $10,624,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Moody Aldrich Partners LLC bought a new position in Corning in the 2nd quarter valued at about $51,526,000. Bank of Montreal Can bought a new position in Corning in the 2nd quarter valued at about $30,286,000. Benedict Financial Advisors Inc. lifted its position in Corning by 21.1% in the 2nd quarter. Benedict Financial Advisors Inc. now owns 26,404 shares of the electronics maker’s stock valued at $726,000 after acquiring an additional 4,595 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in Corning by 2.5% in the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares in the last quarter. Finally, Voya Investment Management LLC lifted its position in Corning by 32.2% in the 2nd quarter. Voya Investment Management LLC now owns 439,724 shares of the electronics maker’s stock valued at $12,097,000 after acquiring an additional 107,040 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

NYSE:GLW opened at $33.56 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.19 and a beta of 1.28. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56.

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

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.15%. Corning’s dividend payout ratio (DPR) is 41.86%.

In other news, VP Christine M. Pambianchi sold 10,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 50,403 shares in the company, valued at approximately $1,684,468.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the sale, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,892 shares of company stock valued at $2,087,018. Company insiders own 0.46% of the company’s stock.

Several equities analysts recently weighed in on the stock. Argus raised their price target on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research report on Thursday, September 20th. UBS Group set a $36.00 price target on shares of Corning and gave the company a “hold” rating in a research report on Wednesday, September 26th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $32.50 to $40.00 in a research report on Friday, September 14th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $35.89.

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About Corning

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.

Further Reading: The risks of owning bonds

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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