LaSalle Street Capital Management LLC cut its position in Corning Incorporated (NYSE:GLW) by 1.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,609 shares of the electronics maker’s stock after selling 430 shares during the period. LaSalle Street Capital Management LLC’s holdings in Corning were worth $691,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of GLW. Dodge & Cox acquired a new position in shares of Corning during the fourth quarter valued at about $759,279,000. AXA increased its position in shares of Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares in the last quarter. DnB Asset Management AS boosted its position in Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock valued at $2,997,000 after buying an additional 10,600 shares in the last quarter. Swiss National Bank boosted its position in Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after buying an additional 446,200 shares in the last quarter. Finally, United Bank VA bought a new position in Corning during the first quarter valued at about $1,890,000. Institutional investors and hedge funds own 72.75% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down 0.10% on Friday, hitting $29.25. 4,879,974 shares of the stock were exchanged. The firm has a market capitalization of $26.42 billion, a PE ratio of 13.06 and a beta of 1.40. Corning Incorporated has a one year low of $22.07 and a one year high of $32.17. The company has a 50-day moving average price of $30.34 and a 200-day moving average price of $28.34.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the 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 company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently announced 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. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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Several research analysts have issued reports on GLW shares. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reissued a “hold” rating and set a $26.00 target price on shares of Corning in a research note on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Drexel Hamilton restated a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Finally, Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average price target of $27.81.
In related news, 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 sale, the insider now owns 3,859 shares in the company, valued at $111,911. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Edward A. Schlesinger sold 5,422 shares of Corning stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $29.15, for a total transaction of $158,051.30. Following the completion of the sale, the vice president now owns 33,083 shares in the company, valued at approximately $964,369.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 393,122 shares of company stock worth $11,547,457. 0.59% of the stock is owned by 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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