SRB Corp Invests $532,000 in Corning Incorporated (NYSE:GLW)

SRB Corp bought a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent filing with the SEC. The fund bought 16,009 shares of the electronics maker’s stock, valued at approximately $532,000. Corning accounts for 0.0% of SRB Corp’s investment portfolio, making the stock its 28th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. FMR LLC raised its stake in shares of Corning by 42.6% during the 1st quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after purchasing an additional 2,837,072 shares during the period. Janus Henderson Group PLC raised its stake in shares of Corning by 29.1% during the 2nd quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after purchasing an additional 2,117,416 shares during the period. Cannell Peter B & Co. Inc. raised its stake in shares of Corning by 1,247.2% during the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after purchasing an additional 1,558,950 shares during the period. Schafer Cullen Capital Management Inc raised its stake in shares of Corning by 39.1% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 4,664,615 shares of the electronics maker’s stock worth $153,979,000 after purchasing an additional 1,311,304 shares during the period. Finally, Thoroughbred Financial Services LLC raised its stake in shares of Corning by 3,279.0% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 992,680 shares of the electronics maker’s stock worth $99,268,000 after purchasing an additional 963,302 shares during the period. Institutional investors own 71.14% of the company’s stock.

In other news, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the sale, the insider now directly owns 70,648 shares in the company, valued at $1,973,905.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction dated 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 sale, the vice president now owns 66,369 shares in the company, valued at $2,113,188.96. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.

A number of equities research analysts recently issued reports on GLW shares. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 price objective (down from $40.00) on shares of Corning in a research note on Thursday, August 1st. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and lowered their price objective for the company from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Finally, 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 research note on Friday, September 6th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $34.73.

Corning stock traded down $0.11 during midday trading on Monday, reaching $30.05. The stock had a trading volume of 2,816,386 shares, compared to its average volume of 4,855,186. Corning Incorporated has a 12 month low of $26.78 and a 12 month high of $36.56. The firm’s 50-day moving average price is $28.84 and its 200 day moving average price is $31.81. The firm has a market capitalization of $23.62 billion, a PE ratio of 16.88, a P/E/G 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 (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the previous year, the business posted $0.38 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 1.88 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is presently 44.94%.

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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