Argus Investors Counsel Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Argus Investors Counsel Inc. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 103.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,574 shares of the electronics maker’s stock after buying an additional 117,391 shares during the quarter. Argus Investors Counsel Inc.’s holdings in Corning were worth $7,662,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Trustcore Financial Services LLC purchased a new position in Corning during the first quarter worth about $30,000. Thor Advisors LLC purchased a new position in Corning during the first quarter worth about $35,000. Executive Wealth Management LLC purchased a new position in Corning during the fourth quarter worth about $37,000. Horan Capital Advisors LLC. purchased a new position in Corning during the first quarter worth about $51,000. Finally, Zions Bancorporation N.A. purchased a new position in Corning during the first quarter worth about $57,000. 70.63% of the stock is owned by institutional investors.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Shares of NYSE GLW traded up $0.22 during midday trading on Tuesday, hitting $33.58. The company’s stock had a trading volume of 3,744,927 shares, compared to its average volume of 4,517,957. The company’s fifty day moving average price is $32.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.08 and a quick ratio of 1.36. Corning Incorporated has a 1 year low of $27.67 and a 1 year high of $36.56. The stock has a market capitalization of $26.45 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 1.55 and a beta of 1.20.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts forecast that Corning Incorporated will post 1.95 EPS 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 paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is 44.94%.

Several brokerages have weighed in on GLW. Bank of America reaffirmed a “buy” rating and set a $105.00 target price (up previously from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Zacks Investment Research lowered shares of Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, ValuEngine raised shares of Zillow Group from a “hold” rating to a “buy” rating in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $36.33.

About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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