Wealth Enhancement Advisory Services LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent filing with the SEC. The institutional investor bought 40,579 shares of the electronics maker’s stock, valued at approximately $1,241,000.
Several other institutional investors have also recently bought and sold shares of GLW. Central Bank & Trust Co. boosted its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank boosted its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. bought a new stake in Corning during the first quarter worth approximately $108,000. Clean Yield Group bought a new stake in Corning during the first quarter worth approximately $122,000. Finally, Global X Management Co. LLC boosted its stake in Corning by 30.4% in the first quarter. Global X Management Co. LLC now owns 6,997 shares of the electronics maker’s stock worth $189,000 after buying an additional 1,631 shares during the period. 73.87% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (NYSE GLW) opened at 27.87 on Friday. The stock has a market capitalization of $25.17 billion, a price-to-earnings ratio of 12.45 and a beta of 1.40. The stock’s 50 day moving average is $30.07 and its 200-day moving average is $28.59. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $0.37 EPS. Equities research analysts anticipate that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.22%. Corning’s payout ratio is 27.93%.
A number of equities research analysts recently commented 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 report on Friday, April 21st. Drexel Hamilton lifted their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $33.00 price target (up previously from $32.00) on shares of Corning in a report on Wednesday, April 26th. Finally, Jefferies Group LLC lifted their price target on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a report on Friday, April 28th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus price target of $28.08.
In other news, insider Lisa Ferrero sold 56,500 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the sale, the insider now directly owns 16,808 shares in the company, valued at approximately $488,944.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Insiders have sold a total of 357,700 shares of company stock worth $10,519,405 over the last 90 days. Insiders own 0.59% of the company’s stock.
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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