Achmea Investment Management B.V. lowered its position in Corning Incorporated (NYSE:GLW) by 22.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 309,603 shares of the electronics maker’s stock after selling 91,621 shares during the period. Achmea Investment Management B.V.’s holdings in Corning were worth $9,299,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its holdings 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 last quarter. Wedbush Securities Inc. grew its holdings 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 last quarter. MAI Capital Management grew its holdings in Corning by 0.6% during the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after buying an additional 95 shares during the last quarter. Global X Management Co. LLC lifted its stake in shares of Corning by 1.6% during the 2nd quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after purchasing an additional 113 shares during the period. Finally, Capital Investment Counsel Inc lifted its stake in shares of Corning by 0.3% during the 2nd quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 71.19% of the company’s stock.
In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, 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 accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, 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 164,350 shares of company stock worth $4,804,486. Insiders own 0.59% of the company’s stock.
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Corning Incorporated (NYSE GLW) traded down 0.60% during mid-day trading on Friday, reaching $31.51. 5,726,683 shares of the company were exchanged. The stock has a market capitalization of $28.46 billion, a price-to-earnings ratio of 14.07 and a beta of 1.38. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.31. The company’s 50 day moving average price is $29.87 and its 200-day moving average price is $29.40.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. On average, equities research analysts forecast that Corning Incorporated will post $1.72 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
GLW has been the topic of a number of recent analyst reports. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research note on Tuesday, July 4th. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average price target of $29.28.
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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