Colony Group LLC raised its position in Corning Incorporated (NYSE:GLW) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,560 shares of the electronics maker’s stock after acquiring an additional 771 shares during the quarter. Colony Group LLC’s holdings in Corning were worth $4,284,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Nomura Holdings Inc. grew its position in Corning by 42.9% in the second quarter. Nomura Holdings Inc. now owns 88,464 shares of the electronics maker’s stock valued at $2,659,000 after acquiring an additional 26,561 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Corning by 32.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 171,774 shares of the electronics maker’s stock valued at $5,162,000 after acquiring an additional 41,624 shares in the last quarter. 361 Capital LLC grew its position in Corning by 0.4% in the second quarter. 361 Capital LLC now owns 178,500 shares of the electronics maker’s stock valued at $5,364,000 after acquiring an additional 784 shares in the last quarter. IHT Wealth Management LLC grew its position in Corning by 13.4% in the second 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 in the last quarter. Finally, Moors & Cabot Inc. grew its position in Corning by 4.7% in the second quarter. Moors & Cabot Inc. now owns 52,108 shares of the electronics maker’s stock valued at $1,569,000 after acquiring an additional 2,360 shares in the last quarter. 71.30% of the stock is owned by institutional investors.
Corning Incorporated (NYSE GLW) traded down 0.251% during trading on Friday, reaching $29.865. 3,908,159 shares of the company’s stock were exchanged. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The stock’s 50-day moving average price is $29.49 and its 200-day moving average price is $29.17. The company has a market capitalization of $26.97 billion, a price-to-earnings ratio of 13.339 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 earnings per share 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 firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the business posted $0.37 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post $1.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. 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 dividend payout ratio (DPR) is 27.93%.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction on 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 owns 73,145 shares in the company, valued at $2,089,021.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the sale, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock worth $3,653,485 over the last quarter. Company insiders own 0.59% of the company’s stock.
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Several brokerages have issued reports on GLW. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and an average target price of $28.90.
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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