Sadoff Investment Management LLC Raises Stake in Corning Incorporated (NYSE:GLW)

Xavier Trudeau
Août 12, 2017

Several other institutional investors also recently added to or reduced their stakes in GLW. First Bank Of Omaha has 0.02% invested in Corning Incorporated (NYSE:GLW) for 11,500 shares. Proshare Advisors LLC grew its ownership by buying 37,621 shares an increase of 24.9% from 03/31/2017 to 06/30/2017. It also increased its holding in Vanguard Intl Equity Index Fallwrld Ex Us (VEU) by 7,615 shares in the quarter, for a total of 88,274 shares, and has risen its stake in Emerson Elec Co Com (NYSE:EMR). Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker's stock worth $152,763,000 after buying an additional 2,127,260 shares during the last quarter. Finally, Barometer Capital Management Inc. purchased a new stake in shares of Corning during the second quarter worth about $14,307,000. Peapack Gladstone Financial Corp increased its stake in shares of Corning by 1.1% in the first quarter. For institutional shareholders who wish to sell a large number of shares of a certain stock, lower liquidity will force them to sell the stock slowly over a longer period of time, to avoid losses because of slippage. The value of the investment in Corning Incorporated increased from $4,085,000 to $5,677,000 a change of 39.0% for the reporting period.

The company is so far trading up since yesterday's close of $28.57. The stock has a market capitalization of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40.

It is now trading at $28.79 well below $30.28, the stock's 50 day moving average and which is slightly above 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. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Analysts expect next quarter's EPS to be $0.48 with next year's EPS anticipated to be $1.86. The firm's revenue was up 6.1% compared to the same quarter past year. As of the latest earnings report the EPS was $2.24 and is expected to be $1.71 for the current year with 903,183,000 shares now outstanding. Additionally the company recently declared a dividend to be paid on Friday the 29th of September 2017. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This dividend represents a yeild of $2.11 which is the dividend as a percentage of the current share price. The ex-dividend date is Friday the 26th of May 2017. Corning's payout ratio is now 27.93%.

COPYRIGHT VIOLATION WARNING: "Point72 Asia Hong Kong Ltd Sells 2,639 Shares of Corning Incorporated (NYSE:GLW)" was first published by Community Financial News and is owned by of Community Financial News. If you are reading this report on another domain, it was illegally stolen and republished in violation of global copyright & trademark laws. The original version of this piece can be read at https://www.thecerbatgem.com/2017/08/11/quaker-capital-investments-llc-has-21-92-million-stake-in-corning-incorporated-glw-updated-updated-updated.html. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. (The) reiterated a "neutral" rating and issued a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Oppenheimer Holdings, Inc. restated a "hold" rating on shares of Corning in a report on Thursday, July 27th. Drexel Hamilton reiterated a "sell" rating and set a $17.50 price target on shares of Corning in a research report on Wednesday, July 26th. Vetr raised shares of Corning from a "buy" rating to a "strong-buy" rating and set a $33.69 price target on the stock in a report on Tuesday, July 4th. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. The company has an average rating of "Hold" and a consensus target price of $27.81. Also, CEO Wendell P. Weeks sold 153,500 shares of Corning stock in a transaction that occurred on Monday, June 5th. 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 chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the insider now owns 3,859 shares in the company, valued at approximately $111,911. The disclosure for this sale can be found here.

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