BCK Partners Inc. lifted its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 119.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 70,861 shares of the electronics maker’s stock after buying an additional 38,632 shares during the quarter. Corning comprises about 1.4% of BCK Partners Inc.’s portfolio, making the stock its 8th largest holding. BCK Partners Inc.’s holdings in Corning were worth $2,753,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Corning by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after buying an additional 146,807 shares in the last quarter. Norges Bank bought a new stake in shares of Corning during the 4th quarter worth approximately $247,721,000. Finally, FIL Ltd boosted its position in shares of Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after acquiring an additional 105,994 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.
Insider Buying and Selling at Corning
In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Read Our Latest Research Report on Corning
Corning Stock Up 1.7 %
Corning stock traded up $0.68 during midday trading on Friday, reaching $41.96. The stock had a trading volume of 2,892,669 shares, compared to its average volume of 6,098,256. The company has a fifty day moving average price of $41.08 and a two-hundred day moving average price of $36.12. The company has a market capitalization of $35.94 billion, a P/E ratio of 59.09, a PEG ratio of 1.56 and a beta of 1.05. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.
Corning Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.67%. Corning’s payout ratio is 157.75%.
About Corning
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. 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.
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