Hotchkis & Wiley Capital Management LLC Modifies Its Holdings in Corning Incorporated (GLW)

Corning Incorporated

Corning Incorporated

Point72 Asia Hong Kong Ltd decreased its position in shares of Corning Incorporated (NYSE:GLW) by 39.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,722,118 shares of the electronics maker's stock after buying an additional 673,907 shares during the period.

Other large investors have also added to or reduced their stakes in the company. Jacobus Wealth Management Inc. bought a new position in Corning during the first quarter valued at about $108,000. Breton Hill Capital Ltd. now owns 95,577 shares of the electronics maker's stock worth $2,872,000 after buying an additional 6,863 shares during the last quarter. Dodge & Cox acquired a new stake in Corning during the fourth quarter valued at approximately $759,279,000. First National Bank & Trust Co. of Newtown increased its position in shares of Corning by 2.7% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker's stock worth $309,000 after buying an additional 200 shares in the last quarter. Janus Capital Management LLC raised its stake in Corning by 60.3% in the first quarter. Oxbow Advisors LLC now owns 129,045 shares of the electronics maker's stock worth $3,878,000 after buying an additional 470 shares during the last quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker's stock valued at $1,806,000 after buying an additional 3,862 shares in the last quarter.

The company is trading up by 0.70% since yesterday's close of $28.57. 2,065,642 shares of the company's stock were exchanged. The firm has a market capitalization of $26.17 billion, a PE ratio of 12.94 and a beta of 1.40. The stock has a 50 day moving average price of $30.31 and a 200 day moving average price of $28.50. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. BlackRock Inc. raised its position in shares of Corning by 1,930.0% in the first quarter. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The company's revenue was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year. Stockholders of record on Thursday, August 31st will be given a $0.155 dividend. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The ex-dividend date is Friday the 26th of May 2017. Corning's dividend payout ratio (DPR) is presently 27.93%.

COPYRIGHT VIOLATION WARNING: "Manning & Napier Advisors LLC Invests $5.11 Million in Corning Incorporated (GLW)" was originally reported by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this news story on another site, it was copied illegally and reposted in violation of U.S. and worldwide trademark and copyright law. The legal version of this piece of content can be viewed at https://www.themarketsdaily.com/2017/08/11/chartwell-investment-partners-llc-has-14-64-million-position-in-corning-incorporated-glw-updated-updated-updated.html.

A number of brokerages have recently issued reports on GLW. BidaskClub cut Corning from a "strong-buy" rating to a "buy" rating in a research report on Monday, July 31st. Finally, Drexel Hamilton reaffirmed a "sell" rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Finally, Zacks Investment Research upgraded shares of Corning from a "hold" rating to a "buy" rating and set a $30.00 price target on the stock in a report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. On Tuesday, September 20 the stock rating was initiated by Argus Research with "Hold". Also, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction on Friday, May 19th. The shares were 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 72,707 shares in the company, valued at approximately $2,153,581.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

In other news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $29.09, for a total value of $1,643,585.00. Following the transaction, the chief executive officer now owns 76,750 shares of the company's stock, valued at $2,270,265.

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