Covenant Multifamily Offices LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 0.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 109,262 shares of the electronics maker’s stock after purchasing an additional 27 shares during the quarter. Corning comprises about 2.1% of Covenant Multifamily Offices LLC’s investment portfolio, making the stock its 12th largest position. Covenant Multifamily Offices LLC’s holdings in Corning were worth $3,283,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Central Bank & Trust Co. boosted its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 3,282 shares in the last quarter. Coconut Grove Bank boosted its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after purchasing an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new position in Corning in the first quarter worth $108,000. Clean Yield Group acquired a new position in Corning in the first quarter worth $122,000. Finally, Grove Bank & Trust boosted its stake in Corning by 31.7% in the second 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 in the last quarter. 71.35% of the stock is currently owned by institutional investors.
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GLW has been the subject of a number of recent research reports. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Drexel Hamilton restated a “sell” rating on shares of Corning in a research report on Monday, June 19th. Morgan Stanley restated an “equal weight” rating and set a $29.00 target price (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 target price for the company in a research report on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning currently has a consensus rating of “Hold” and an average target price of $28.21.
Corning Incorporated (NYSE:GLW) traded up 0.0462% during mid-day trading on Friday, reaching $29.2635. The company’s stock had a trading volume of 1,189,325 shares. The company has a market cap of $26.43 billion, a price-to-earnings ratio of 13.0699 and a beta of 1.40. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The firm has a 50 day moving average price of $28.86 and a 200 day moving average price of $28.82.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Corning Incorporated will post $1.70 earnings per share for the current year.
The company also recently disclosed 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 yield of 2.12%. Corning’s payout ratio is 27.93%.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the sale, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the sale, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is owned by company insiders.
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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