Dupont Capital Management Corp decreased its holdings in Corning Incorporated (NYSE:GLW) by 3.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 361,095 shares of the electronics maker’s stock after selling 12,022 shares during the period. Dupont Capital Management Corp’s holdings in Corning were worth $10,851,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. Davis R M Inc. boosted its position in Corning by 0.3% during the 1st quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares during the period. Parkside Financial Bank & Trust boosted its position in Corning by 0.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after buying an additional 33 shares during the period. Wedbush Securities Inc. boosted its position in Corning by 0.4% during the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after buying an additional 41 shares during the period. Global X Management Co. LLC boosted its position in Corning by 1.6% during the 2nd quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after buying an additional 113 shares during the period. Finally, Peapack Gladstone Financial Corp boosted its position in Corning by 1.1% during the 1st quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock valued at $479,000 after buying an additional 195 shares during the period. 71.35% of the stock is owned by institutional investors.
GLW has been the subject of several analyst reports. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Drexel Hamilton restated a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC restated a “hold” rating and issued a $27.50 price objective on shares of Corning in a report on Friday, July 14th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $28.21.
In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 over the last quarter. 0.59% of the stock is currently owned by corporate insiders.
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Shares of Corning Incorporated (GLW) traded up 0.34% during mid-day trading on Friday, reaching $29.35. 7,749,101 shares of the company traded hands. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The stock has a market capitalization of $26.51 billion, a PE ratio of 13.11 and a beta of 1.40. The firm has a 50 day moving average of $28.86 and a 200-day moving average of $28.83.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. On average, equities research analysts expect that Corning Incorporated will post $1.70 EPS for the current fiscal year.
The company also recently announced 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 dividend on an annualized basis and a yield of 2.11%. Corning’s dividend payout ratio is presently 27.93%.
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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