Robecosam AG lowered its stake in Corning Incorporated (NYSE:GLW) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 470,000 shares of the electronics maker’s stock after selling 5,000 shares during the quarter. Corning makes up 1.2% of Robecosam AG’s investment portfolio, making the stock its 24th largest position. Robecosam AG owned about 0.05% of Corning worth $14,274,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. GLG Partners LP bought a new stake in shares of Corning during the 2nd quarter valued at about $102,000. Jacobus Wealth Management Inc. bought a new stake in shares of Corning during the 1st quarter valued at about $108,000. IHT Wealth Management LLC boosted its position in shares of Corning by 13.4% during the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 485 shares during the last quarter. Central Bank & Trust Co. boosted its position in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after acquiring an additional 345 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its position in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after acquiring an additional 1,481 shares during the last quarter. Institutional investors and hedge funds own 71.30% of the company’s stock.
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A number of analysts have recently issued reports on GLW shares. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a research report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a research report on Friday, October 6th. Finally, Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $28.90.
Shares of Corning Incorporated (GLW) traded down 0.318% during trading on Thursday, hitting $29.795. The company had a trading volume of 2,244,789 shares. The firm’s 50 day moving average is $29.45 and its 200-day moving average is $29.17. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The stock has a market capitalization of $26.91 billion, a P/E ratio of 13.307 and a beta of 1.38.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the company earned $0.37 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post $1.69 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is presently 27.93%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is owned by corporate insiders.
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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