Cornerstone Capital Management Holdings LLC. lifted its holdings in Corning Incorporated (NYSE:GLW) by 34.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 398,407 shares of the electronics maker’s stock after buying an additional 101,863 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Corning were worth $11,970,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. GLG Partners LP acquired a new position in Corning during the 2nd quarter valued at about $102,000. Jacobus Wealth Management Inc. acquired a new position in Corning during the 1st quarter valued at about $108,000. Central Bank & Trust Co. grew its stake in shares of Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the last quarter. Harfst & Associates Inc. grew its stake in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Grove Bank & Trust grew its stake in shares of Corning by 31.7% in the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the last quarter. Hedge funds and other institutional investors own 71.29% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction 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 approximately $2,089,021.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on GLW. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a research 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 price target on the stock in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning presently has a consensus rating of “Hold” and an average target price of $28.90.
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Corning Incorporated (NYSE GLW) traded down 0.57% on Tuesday, reaching $29.72. 702,129 shares of the company’s stock were exchanged. The company has a market cap of $26.84 billion, a price-to-earnings ratio of 13.27 and a beta of 1.38. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The stock’s 50 day moving average is $29.55 and its 200 day moving average is $29.21.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post $1.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 27.93%.
Corning Company 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).
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