Keybank National Association OH Sells 3,545 Shares of Corning Incorporated (NYSE:GLW)

Keybank National Association OH trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,377 shares of the electronics maker’s stock after selling 3,545 shares during the quarter. Keybank National Association OH’s holdings in Corning were worth $2,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Manchester Financial Inc. purchased a new position in Corning during the 2nd quarter worth $29,000. Horan Securities Inc. purchased a new position in Corning during the 3rd quarter worth $29,000. B & T Capital Management DBA Alpha Capital Management purchased a new position in Corning during the 3rd quarter worth $29,000. TRUE Private Wealth Advisors purchased a new position in Corning during the 2nd quarter worth $31,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Corning during the 2nd quarter worth $33,000. 71.13% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have issued reports on GLW. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $30.00 price objective (down from $40.00) on shares of Corning in a report on Thursday, August 1st. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. UBS Group cut their price objective on shares of Corning from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. set a $30.00 price objective on shares of Corning and gave the stock a “hold” rating in a report on Tuesday, September 17th. Finally, S&P Equity Research downgraded shares of Corning from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $32.64.

In related news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the transaction, the insider now directly owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Lewis A. Steverson sold 63,381 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the completion of the transaction, the vice president now directly owns 18,422 shares in the company, valued at $556,160.18. The disclosure for this sale can be found here. Insiders sold a total of 76,393 shares of company stock worth $2,283,698 over the last three months. 0.46% of the stock is owned by insiders.

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Shares of NYSE:GLW traded up $0.18 during midday trading on Friday, reaching $30.37. The company had a trading volume of 2,609,186 shares, compared to its average volume of 4,990,255. The company’s 50 day moving average price is $29.02 and its 200 day moving average price is $30.31. The company has a current ratio of 1.71, a quick ratio of 1.06 and a debt-to-equity ratio of 0.57. The stock has a market cap of $23.11 billion, a P/E ratio of 17.06, a P/E/G ratio of 2.13 and a beta of 1.16. Corning Incorporated has a 52-week low of $26.75 and a 52-week high of $35.34.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s dividend payout ratio (DPR) is currently 44.94%.

Corning 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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