LaSalle Street Capital Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 hedge funds have also added to or reduced their stakes in GLW. Central Bank & Trust Co. raised 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 valued at $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank raised 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 valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in Corning during the first quarter valued at about $108,000. Clean Yield Group acquired a new stake in Corning during the first quarter valued at about $122,000. Finally, Pinnacle Bank acquired a new stake in Corning during the first quarter valued at about $136,000. Hedge funds and other institutional investors own 72.60% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) opened at 30.33 on Wednesday. Corning Incorporated has a 12 month low of $20.57 and a 12 month high of $30.68. The company’s 50-day moving average price is $29.46 and its 200-day moving average price is $27.34. The firm has a market cap of $27.91 billion, a P/E ratio of 8.04 and a beta of 1.41.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter in the previous year, the firm posted $0.28 EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post $1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Wednesday, May 31st were issued a dividend of $0.155 per share. The ex-dividend date was Friday, May 26th. This represents a $0.62 dividend on an annualized basis and a yield of 2.04%. Corning’s payout ratio is 16.89%.
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Several analysts have issued reports on GLW shares. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday, April 21st. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Deutsche Bank AG restated a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective on the stock in a research note on Wednesday, June 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $29.00 price objective (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.80.
In other Corning news, CEO Wendell P. Weeks sold 41,075 shares of the business’s stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total transaction of $1,168,994.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now directly owns 91,552 shares in the company, valued at approximately $2,677,896. The disclosure for this sale can be found here. Insiders have sold a total of 457,433 shares of company stock worth $13,393,083 in the last three months. Insiders own 0.59% of the company’s stock.
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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