Advisors Asset Management Inc. lifted its position in Corning Incorporated (NYSE:GLW) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 236,132 shares of the electronics maker’s stock after buying an additional 8,311 shares during the quarter. Advisors Asset Management Inc.’s holdings in Corning were worth $6,496,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Founders Capital Management bought a new stake in shares of Corning in the 2nd quarter valued at approximately $105,000. Private Capital Group LLC boosted its position in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after purchasing an additional 3,683 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the period. City Holding Co. bought a new stake in Corning during the second quarter worth approximately $137,000. Finally, Smithfield Trust Co. boosted its position in Corning by 55.0% during the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock worth $157,000 after purchasing an additional 2,028 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.
In other news, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total value of $33,660.00. Following the completion of the sale, the vice president now directly owns 60,403 shares of the company’s stock, valued at $2,033,164.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 237,470 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total value of $7,805,638.90. The disclosure for this sale can be found here. Insiders sold 414,272 shares of company stock valued at $13,759,300 over the last three months. 0.46% of the stock is owned by company insiders.
Shares of Corning stock opened at $30.78 on Friday. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58. The company has a market cap of $25.25 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 2.20 and a beta of 1.35.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the business earned $0.42 earnings per share. Corning’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.73 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.34%. Corning’s dividend payout ratio is 41.86%.
GLW has been the subject of a number of recent analyst reports. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Tuesday, June 26th. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Morgan Stanley upped their target price on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. UBS Group upped their target price on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, July 26th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $36.10.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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