SFE Investment Counsel Has $1.22 Million Position in Corning Incorporated (NYSE:GLW)

SFE Investment Counsel lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 0.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 29,746 shares of the electronics maker’s stock after selling 260 shares during the period. SFE Investment Counsel’s holdings in Corning were worth $1,217,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lincoln National Corp raised its position in shares of Corning by 2.1% during the first quarter. Lincoln National Corp now owns 11,830 shares of the electronics maker’s stock valued at $515,000 after buying an additional 239 shares during the last quarter. Canvas Wealth Advisors LLC raised its position in shares of Corning by 3.6% during the second quarter. Canvas Wealth Advisors LLC now owns 6,992 shares of the electronics maker’s stock valued at $286,000 after buying an additional 245 shares during the last quarter. MAI Capital Management raised its position in shares of Corning by 1.1% during the second quarter. MAI Capital Management now owns 22,393 shares of the electronics maker’s stock valued at $916,000 after buying an additional 253 shares during the last quarter. Resource Management LLC raised its position in shares of Corning by 1.8% during the first quarter. Resource Management LLC now owns 14,804 shares of the electronics maker’s stock valued at $644,000 after buying an additional 267 shares during the last quarter. Finally, StoneX Group Inc. raised its position in shares of Corning by 2.0% during the second quarter. StoneX Group Inc. now owns 16,043 shares of the electronics maker’s stock valued at $656,000 after buying an additional 322 shares during the last quarter. 66.83% of the stock is owned by institutional investors and hedge funds.

Separately, Morgan Stanley upped their target price on shares of Corning from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 28th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $46.13.

In other news, EVP Lewis A. Steverson sold 7,466 shares of the stock in a transaction on Friday, August 6th. The shares were sold at an average price of $41.07, for a total transaction of $306,628.62. Following the completion of the sale, the executive vice president now owns 7,466 shares of the company’s stock, valued at $306,628.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Clark S. Kinlin sold 15,302 shares of the firm’s stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $39.40, for a total transaction of $602,898.80. Following the completion of the transaction, the vice president now directly owns 59,945 shares of the company’s stock, valued at approximately $2,361,833. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,488 shares of company stock worth $3,926,785. Company insiders own 0.48% of the company’s stock.

Shares of GLW stock traded up $0.30 during trading hours on Wednesday, reaching $38.56. 93,603 shares of the company were exchanged, compared to its average volume of 4,483,600. The stock’s fifty day moving average is $40.36 and its two-hundred day moving average is $41.87. Corning Incorporated has a fifty-two week low of $30.16 and a fifty-two week high of $46.82. The company has a market cap of $32.93 billion, a price-to-earnings ratio of 37.88, a P/E/G ratio of 0.80 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.65 and a quick ratio of 1.14.

Corning (NYSE:GLW) last announced its quarterly earnings data on Monday, July 26th. The electronics maker reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. Corning had a net margin of 13.14% and a return on equity of 22.22%. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same period in the prior year, the business posted $0.25 earnings per share. Corning’s revenue was up 35.4% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 2.13 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Shareholders of record on Tuesday, August 31st will be issued a $0.24 dividend. The ex-dividend date is Monday, August 30th. This represents a $0.96 annualized dividend and a yield of 2.49%. Corning’s dividend payout ratio (DPR) is presently 69.06%.

Corning Company Profile

Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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