Several other hedge funds have also made changes to their positions in GLW. Highland Capital Management LLC purchased a new stake in Corning during the first quarter valued at about $3,984,000. Baker Boyer National Bank purchased a new stake in Corning during the first quarter valued at about $220,000. Murphy Capital Management Inc. purchased a new stake in Corning during the first quarter valued at about $281,000. Legacy Private Trust Co. raised its stake in Corning by 2.7% in the first quarter. Legacy Private Trust Co. now owns 50,760 shares of the electronics maker’s stock valued at $1,371,000 after buying an additional 1,320 shares during the period. Finally, Carroll Financial Associates Inc. raised its stake in Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock valued at $150,000 after buying an additional 413 shares during the period. 72.75% of the stock is currently owned by institutional investors and hedge funds.
Washington Trust Bank cut its position in Corning Incorporated (NYSE:GLW) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,535 shares of the electronics maker’s stock after selling 1,165 shares during the period. Washington Trust Bank’s holdings in Corning were worth $978,000 at the end of the most recent reporting period.
Shares of Corning Incorporated (GLW) traded up 0.68% during midday trading on Wednesday, reaching $29.72. 5,387,153 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $30.34 and a 200 day moving average price of $28.34. Corning Incorporated has a 12 month low of $22.07 and a 12 month high of $32.17. The company has a market cap of $26.84 billion, a P/E ratio of 13.27 and a beta of 1.40.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.37 EPS. Equities research analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is presently 27.93%.
Several analysts have issued reports on GLW shares. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Friday, April 21st. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $33.00 price target (up from $30.00) on shares of Corning in a research report on Saturday, April 29th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research report on Wednesday, June 28th. Finally, BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.81.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Edward A. Schlesinger sold 5,422 shares of Corning stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $29.15, for a total value of $158,051.30. Following the transaction, the vice president now directly owns 33,083 shares of the company’s stock, valued at approximately $964,369.45. The disclosure for this sale can be found here. Insiders have sold a total of 393,122 shares of company stock valued at $11,547,457 in the last ninety days. Insiders own 0.59% of the company’s stock.
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).