Cambridge Investment Research Advisors Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 5.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 143,914 shares of the electronics maker’s stock after acquiring an additional 7,850 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Corning were worth $4,325,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Corning by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after purchasing an additional 326,877 shares during the last quarter. BlackRock Inc. boosted its stake in Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after purchasing an additional 54,041,176 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after purchasing an additional 971,936 shares during the last quarter. Geode Capital Management LLC boosted its stake in Corning by 12.8% during the 1st quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after purchasing an additional 1,071,544 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Corning by 20.0% during the 1st quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock worth $236,202,000 after purchasing an additional 1,456,304 shares during the last quarter. 71.35% of the stock is owned by institutional investors.
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In related news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was 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 in the company, valued at approximately $2,089,021.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 234,871 shares of company stock worth $6,782,737 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
GLW has been the topic of several recent research reports. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 target price on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $28.21.
Shares of Corning Incorporated (GLW) opened at 28.54 on Monday. The company has a 50-day moving average of $29.14 and a 200 day moving average of $28.77. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 12.75 and a beta of 1.40.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.37 EPS. Equities research analysts forecast that Corning Incorporated will post $1.71 earnings per share 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 paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
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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