Point View Wealth Management Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,665 shares of the electronics maker’s stock after selling 80 shares during the period. Point View Wealth Management Inc.’s holdings in Corning were worth $290,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Waldron LP increased its stake in Corning by 72.6% during the 1st quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after acquiring an additional 6,303 shares during the period. Profund Advisors LLC increased its stake in Corning by 13.1% during the 1st quarter. Profund Advisors LLC now owns 26,715 shares of the electronics maker’s stock worth $721,000 after acquiring an additional 3,096 shares during the period. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Corning by 13.4% during the 1st quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 373,117 shares of the electronics maker’s stock worth $10,074,000 after acquiring an additional 43,990 shares during the period. Palisade Asset Management LLC bought a new position in Corning during the 1st quarter worth $206,000. Finally, Wetherby Asset Management Inc. increased its stake in Corning by 2.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 19,313 shares of the electronics maker’s stock worth $522,000 after acquiring an additional 381 shares during the period. Institutional investors own 71.35% of the company’s stock.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is owned by insiders.
Shares of Corning Incorporated (GLW) traded up 0.0462% during mid-day trading on Friday, reaching $29.2635. The company had a trading volume of 1,189,325 shares. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The company has a market capitalization of $26.43 billion, a P/E ratio of 13.0699 and a beta of 1.40. The firm has a 50-day moving average of $28.86 and a 200-day moving average of $28.82.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the firm earned $0.37 earnings per share. Corning’s revenue was up 6.1% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post $1.70 earnings per share for the current fiscal year.
The business also recently declared 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 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.
GLW has been the topic of a number of recent research reports. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research note on Tuesday, July 4th. Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average target price of $28.21.
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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