Principal Financial Group Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 16.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,520,112 shares of the electronics maker’s stock after acquiring an additional 209,796 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Corning worth $45,679,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in GLW. Coconut Grove Bank lifted its position 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 purchasing an additional 1,920 shares during the period. Jacobus Wealth Management Inc. bought a new position in Corning in the first quarter worth $108,000. Clean Yield Group bought a new position in Corning in the first quarter worth $122,000. Central Bank & Trust Co. lifted its position in Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the period. Finally, Grove Bank & Trust lifted its position in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the period. Institutional investors and hedge funds own 71.35% of the company’s stock.
In related news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the sale, the insider now directly owns 72,039 shares in the company, valued at approximately $2,055,272.67. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the sale, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 234,871 shares of company stock valued at $6,782,737. 0.59% of the stock is owned by corporate insiders.
Several research analysts recently commented on GLW shares. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $35.00 target price on shares of Corning in a research report on Thursday, August 24th. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 target price on shares of Corning in a research report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.50 target price on shares of Corning in a research report on Friday, July 14th. Finally, Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $28.21.
Shares of Corning Incorporated (NYSE GLW) opened at 28.92 on Tuesday. The stock has a 50 day moving average price of $29.06 and a 200-day moving average price of $28.80. The firm has a market capitalization of $26.12 billion, a price-to-earnings ratio of 12.92 and a beta of 1.40. Corning Incorporated has a 52 week low of $22.23 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 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the company earned $0.37 EPS. Corning’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors 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 2.14%. 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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