Manning & Napier Advisors LLC Invests $5.11 Million in Corning Incorporated (GLW)

Paterniano Del Favero
Agosto 12, 2017

Cambridge Advisors Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 7.5% during the second quarter, Holdings Channel reports. The firm owned 1,722,118 shares of the electronics maker's stock after buying an additional 673,907 shares during the period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Laurion Capital Management Lp owns 232,300 shares valued at $6,981,000. Laurion Capital Management Lp augmented its investment by buying 29,300 shares an increase of 14.4%. Peapack Gladstone Financial Corp increased its stake in shares of Corning by 1.1% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker's stock valued at $91,004,000 after buying an additional 446,200 shares in the last quarter.

Whittier Trust Co Of Nevada Inc, which manages about $941.86 million US Long portfolio, upped its stake in Microsoft Corp Com (NASDAQ:MSFT) by 35,428 shares to 340,482 shares, valued at $21.15 million in 2016Q4, according to the filing. CIBC World Markets Inc. raised its stake in Corning by 575.1% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker's stock worth $106,000 after buying an additional 3,282 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Corning by 1.8% in the first quarter. Vontobel Swiss Wealth Advisors AG now owns 65,259 shares of the electronics maker's stock worth $1,961,000 after buying an additional 2,425 shares during the last quarter. Institutional investors own 74.19% of the company's stock. 3,743,820 shares of the company traded hands. The stock attained the volume of 7627623 shares contrast to its average daily volume of 6.60M shares. The company has a market cap of $26.17 billion, a price-to-earnings ratio of 12.94 and a beta of 1.40.

Company chares are trading at $28.77 which is quite a bit lower than $30.28, the 50 day moving average and which is marginally higher than the 200 day moving average of $28.50.

The stock of Corning Incorporated (NYSE:GLW) has "Buy" rating given on Wednesday, October 26 by Deutsche Bank. During the same period past year, the business posted $0.37 EPS. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. The firm's revenue was up 6.1% compared to the same quarter a year ago. In the latest earnings report the EPS was $2.24 and is projected to be $1.71 for the current year with 903,183,000 shares outstanding.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.40 by $0.02. The ex-dividend date is Friday the 26th of May 2017. Fruth Investment Mngmt holds 0.3% in Corning Incorporated (NYSE:GLW) or 27,425 shares. Another trade for 1,010 shares valued at $28,280 was sold by LANDGRAF KURT M. 153,500 Corning Incorporated (NYSE:GLW) shares with value of $4.30M were sold by WEEKS WENDELL P. On Tuesday, May 2 the insider Musser Eric S sold $676,656. If you are reading this piece on another publication, it was copied illegally and republished in violation of USA & worldwide copyright and trademark laws. The legal version of this article can be viewed at Vetr upgraded shares of Corning from a "buy" rating to a "strong-buy" rating and set a $33.69 price objective on the stock in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. Finally, Drexel Hamilton reaffirmed a "sell" rating on shares of Corning in a research report on Monday, June 19th.

A number of equities analysts have commented on the stock. The stock has an average rating of "Hold" and an average price target of $27.81.

In related news, insider Lisa Ferrero sold 56,500 shares of the firm's stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $29.00, for a total value of $870,000.00. Following the completion of the transaction, the insider now directly owns 16,808 shares of the company's stock, valued at approximately $488,944.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The stock was sold at an average price of $29.09, for a total value of $1,643,585.00. The disclosure for this sale can be found here. Insiders have sold a total of 387,700 shares of company stock valued at $11,389,405 over the last 90 days.

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