State Street Corp cut its stake in shares of Corning Incorporated (NYSE:GLW) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,915,804 shares of the electronics maker’s stock after selling 1,583,593 shares during the period. State Street Corp owned 4.53% of Corning worth $1,229,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of GLW. GLG Partners LP purchased a new stake in shares of Corning in the second quarter worth approximately $102,000. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning in the first quarter worth approximately $108,000. Central Bank & Trust Co. raised its holdings in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares during the period. Harfst & Associates Inc. raised its holdings in shares of Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares during the period. Finally, Grove Bank & Trust raised its holdings in shares of Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the period. Institutional investors and hedge funds own 71.29% of the company’s stock.
Corning Incorporated (NYSE:GLW) traded down 0.64% during trading on Tuesday, hitting $29.70. The company’s stock had a trading volume of 1,148,445 shares. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The firm has a market cap of $26.82 billion, a PE ratio of 13.26 and a beta of 1.38. The company has a 50-day moving average of $29.55 and a 200 day moving average of $29.21.
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, beating 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 business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the business earned $0.37 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post $1.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is presently 27.93%.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 over the last ninety days. 0.59% of the stock is currently owned by insiders.
Several equities research analysts have recently weighed in on GLW shares. Drexel Hamilton reiterated a “sell” rating on shares of Corning in a report on Monday, June 19th. Morgan Stanley reissued 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. Vetr raised 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. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $28.90.
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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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