Pensions

British Airways Pensions Investment Management Ltd Sells 346,275 Shares of Corning Incorporated (GLW)

British Airways Pensions Investment Management Ltd cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 26.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 943,938 shares of the electronics maker’s stock after selling 346,275 shares during the period. British Airways Pensions Investment Management Ltd owned 0.10% of Corning worth $28,349,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after acquiring an additional 326,877 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after buying an additional 1,071,544 shares during the last quarter. Morgan Stanley raised its holdings in shares of Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock worth $236,202,000 after buying an additional 1,456,304 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock worth $214,656,000 after buying an additional 53,440 shares during the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

Shares of Corning Incorporated (GLW) traded down 0.66% during trading on Friday, reaching $28.54. 4,572,011 shares of the company’s stock were exchanged. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 12.75 and a beta of 1.40. The stock has a 50 day moving average price of $29.14 and a 200-day moving average price of $28.77.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.37 EPS. Analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.17%. Corning’s payout ratio is 27.93%.

A number of research analysts have issued reports on the stock. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 target price on shares of Corning in a report on Thursday, August 24th. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Corning currently has an average rating of “Hold” and an average price target of $28.21.

In related news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the sale, the insider now directly owns 91,552 shares in the company, valued at approximately $2,677,896. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The disclosure for this sale can be found here. In the last three months, insiders sold 234,871 shares of company stock valued at $6,782,737. 0.59% of the stock is currently owned by company insiders.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)




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