Heartland Advisors Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 33.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 201,029 shares of the electronics maker’s stock after selling 100,442 shares during the quarter. Heartland Advisors Inc.’s holdings in Corning were worth $6,041,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in GLW. Coconut Grove Bank boosted its position in shares of Corning by 92.8% during the 1st quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after acquiring an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the 1st quarter worth approximately $108,000. Central Bank & Trust Co. boosted its position in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after acquiring an additional 345 shares in the last quarter. Clean Yield Group acquired a new stake in shares of Corning during the 1st quarter worth approximately $122,000. Finally, Grove Bank & Trust boosted its position in shares of Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after acquiring an additional 1,265 shares in the last quarter. 71.35% of the stock is currently owned by institutional investors.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction 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 approximately $3,893,220.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following 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. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 in the last ninety days. 0.59% of the stock is owned by corporate insiders.
Corning Incorporated (GLW) opened at 29.15 on Wednesday. The firm has a market cap of $26.33 billion, a price-to-earnings ratio of 13.02 and a beta of 1.40. The stock’s 50 day moving average is $29.06 and its 200-day moving average is $28.80. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the prior year, the company earned $0.37 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post $1.70 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.13%. Corning’s dividend payout ratio (DPR) is 27.93%.
Several research firms recently issued reports on GLW. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Monday, July 10th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $28.21.
Corning Company Profile
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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