Legal & General Group Plc raised its stake in Corning Incorporated (NYSE:GLW) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,919,568 shares of the electronics maker’s stock after buying an additional 104,844 shares during the period. Legal & General Group Plc owned approximately 0.53% of Corning worth $132,829,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in GLW. Central Bank & Trust Co. increased its position 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 buying an additional 3,282 shares in the last quarter. Coconut Grove Bank increased its position 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 buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. bought a new position in Corning during the first quarter worth $108,000. Clean Yield Group bought a new position in Corning during the first quarter worth $122,000. Finally, Pinnacle Bank bought a new position in Corning during the first quarter worth $136,000. Institutional investors own 74.19% of the company’s stock.
Corning Incorporated (NYSE:GLW) traded up 0.21% on Tuesday, reaching $29.30. The company had a trading volume of 5,798,901 shares. The company’s 50 day moving average is $30.34 and its 200-day moving average is $28.37. The firm has a market capitalization of $26.46 billion, a price-to-earnings ratio of 13.09 and a beta of 1.40. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the business posted $0.37 earnings per share. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued 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 dividend payout ratio (DPR) is presently 27.93%.
ILLEGAL ACTIVITY NOTICE: “Corning Incorporated (GLW) Stake Raised by Legal & General Group Plc” was originally reported by BBNS and is the property of of BBNS. If you are viewing this article on another website, it was copied illegally and republished in violation of U.S. & international trademark & copyright laws. The legal version of this article can be accessed at https://baseballnewssource.com/markets/corning-incorporated-glw-stake-boosted-by-legal-general-group-plc-updated-updated-updated/1196307.html.
A number of research firms have recently issued reports on GLW. Drexel Hamilton raised their price objective on Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and set a $33.00 price target (up from $30.00) on shares of Corning in a report on Saturday, April 29th. Jefferies Group LLC lifted their price target on Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a report on Friday, April 28th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $27.81.
In other news, insider Lisa Ferrero sold 56,500 shares of Corning stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the completion of the transaction, the insider now directly owns 16,808 shares in the company, valued at $488,944.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the transaction, the insider now owns 3,859 shares of the company’s stock, valued at $111,911. The disclosure for this sale can be found here. Insiders sold 387,700 shares of company stock valued at $11,389,405 over the last 90 days. 0.59% of the stock is currently 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).
Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with our FREE daily email newsletter.