Corning Incorporated (NYSE:GLW) Shares Sold by Russell Investments Group Ltd.

Posted by Defense World Staff on Aug 15th, 2023

Russell Investments Group Ltd. decreased its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 557,358 shares of the electronics maker’s stock after selling 59,888 shares during the period. Russell Investments Group Ltd. owned approximately 0.07% of Corning worth $19,653,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Cibc World Market Inc. raised its holdings in Corning by 22.1% during the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after purchasing an additional 11,884 shares in the last quarter. Prudential PLC purchased a new position in Corning during the first quarter worth about $588,000. Sequoia Financial Advisors LLC raised its holdings in Corning by 15.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 1,062 shares in the last quarter. Vanguard Group Inc. raised its holdings in Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in Corning by 24.4% during the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares in the last quarter. Institutional investors and hedge funds own 68.38% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $32.99, for a total transaction of $362,890.00. Following the sale, the senior vice president now owns 18,313 shares in the company, valued at $604,145.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total value of $3,378,000.00. Following the transaction, the chief executive officer now owns 847,474 shares in the company, valued at approximately $28,627,671.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 11,000 shares of Corning stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $32.99, for a total transaction of $362,890.00. Following the completion of the transaction, the senior vice president now owns 18,313 shares in the company, valued at approximately $604,145.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 162,755 shares of company stock worth $5,539,783. 0.40% of the stock is owned by insiders.

Corning Trading Down 0.2 %

Shares of GLW opened at $32.36 on Tuesday. Corning Incorporated has a 1-year low of $28.98 and a 1-year high of $37.73. The firm has a 50 day simple moving average of $33.85 and a 200-day simple moving average of $33.68. The stock has a market cap of $27.60 billion, a price-to-earnings ratio of 44.33, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.65 and a quick ratio of 1.03.

Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, July 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. Corning had a net margin of 4.72% and a return on equity of 13.22%. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same quarter last year, the business earned $0.57 earnings per share. Corning’s revenue was down 7.4% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 1.85 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.46%. Corning’s dividend payout ratio (DPR) is currently 153.42%.

Analyst Ratings Changes

A number of brokerages have issued reports on GLW. 888 reaffirmed an “upgrade” rating on shares of Corning in a report on Friday, June 9th. StockNews.com began coverage on shares of Corning in a report on Thursday, May 18th. They issued a “hold” rating for the company. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and increased their target price for the company from $36.00 to $40.00 in a report on Thursday, June 15th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Corning from $38.00 to $37.00 in a report on Wednesday, April 26th. Finally, UBS Group cut shares of Corning from a “buy” rating to a “neutral” rating and increased their target price for the company from $38.00 to $39.00 in a report on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Get Our Latest Stock Analysis on GLW

Corning Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.