Pitcairn Co. trimmed its stake in Corning Incorporated (NYSE:GLW) by 6.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,378 shares of the electronics maker’s stock after selling 670 shares during the period. Pitcairn Co.’s holdings in Corning were worth $269,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of Corning by 700.0% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 1,225 shares during the last quarter. First Command Bank lifted its stake in shares of Corning by 49.4% during the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock worth $30,000 after acquiring an additional 385 shares during the last quarter. First PREMIER Bank lifted its stake in shares of Corning by 303.3% during the 2nd quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock worth $31,000 after acquiring an additional 910 shares during the last quarter. Watson Rebecca bought a new stake in shares of Corning during the 2nd quarter worth approximately $32,000. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Corning by 41.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 2,102 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 618 shares during the last quarter. 72.96% of the stock is owned by institutional investors and hedge funds.
In related news, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the transaction, the insider now directly owns 169,128 shares in the company, valued at approximately $5,356,283.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 94,928 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $31.07, for a total value of $2,949,412.96. The disclosure for this sale can be found here. Insiders sold a total of 186,762 shares of company stock worth $5,812,645 over the last quarter. Company insiders own 0.47% of the company’s stock.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.13. Corning had a return on equity of 11.59% and a net margin of 1.89%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same period last year, the business posted $0.45 EPS. The business’s revenue was down 11.6% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.2 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be issued a $0.22 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.84%. Corning’s dividend payout ratio is presently 50.00%.
A number of equities research analysts recently issued reports on GLW shares. Oppenheimer started coverage on Corning in a research note on Tuesday, July 28th. They set a “hold” rating for the company. Citigroup raised their price target on Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna Bancshares reissued a “hold” rating and set a $26.00 price target on shares of Corning in a research note on Tuesday, July 28th. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $25.00 to $36.00 in a report on Thursday, July 16th. Finally, Morgan Stanley raised their price objective on Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 10th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus price target of $31.90.
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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