Strategy Asset Managers LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,103 shares of the electronics maker’s stock after selling 5,561 shares during the period. Corning comprises 2.7% of Strategy Asset Managers LLC’s investment portfolio, making the stock its 16th biggest position. Strategy Asset Managers LLC’s holdings in Corning were worth $9,408,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Manchester Financial Inc. acquired a new position in Corning during the 2nd quarter worth about $29,000. Trustcore Financial Services LLC purchased a new stake in Corning during the 1st quarter worth about $30,000. TRUE Private Wealth Advisors purchased a new stake in Corning during the 2nd quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Corning during the 2nd quarter worth about $33,000. Finally, SRS Capital Advisors Inc. purchased a new stake in Corning during the 2nd quarter worth about $35,000. 71.14% of the stock is currently owned by hedge funds and other institutional investors.
GLW has been the topic of several recent research reports. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and cut their price target for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Susquehanna Bancshares restated a “neutral” rating and set a $30.00 price target (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a report on Friday, September 6th. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. Finally, Barclays began coverage on Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price target for the company. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $34.73.
Shares of NYSE:GLW traded down $0.01 during midday trading on Monday, reaching $30.15. The company’s stock had a trading volume of 1,692,494 shares, compared to its average volume of 4,855,186. The firm has a market cap of $23.62 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 1.53 and a beta of 1.18. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 1 year low of $26.78 and a 1 year high of $36.56. The business has a 50 day moving average price of $28.84 and a 200 day moving average price of $31.81.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. Sell-side analysts anticipate that Corning Incorporated will post 1.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 44.94%.
In other news, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the sale, the insider now owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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