13,119 Shares in Corning Incorporated (GLW) Acquired by Signition LP

Signition LP purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 13,119 shares of the electronics maker’s stock, valued at approximately $361,000.

Several other hedge funds have also recently made changes to their positions in the company. Institutional & Family Asset Management LLC purchased a new stake in Corning in the 1st quarter valued at about $101,000. Founders Capital Management purchased a new stake in Corning in the 2nd quarter valued at about $105,000. Private Capital Group LLC raised its holdings in Corning by 1,455.7% in the 1st quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after buying an additional 3,683 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after buying an additional 4,584 shares during the period. Finally, Bray Capital Advisors purchased a new stake in Corning in the 1st quarter valued at about $132,000. 71.75% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:GLW opened at $32.74 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.58 and a current ratio of 2.23. The stock has a market cap of $26.80 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 2.33 and a beta of 1.40. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $35.10.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. analysts anticipate that Corning Incorporated will post 1.73 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.20%. Corning’s dividend payout ratio (DPR) is presently 41.86%.

Several analysts recently issued reports on GLW shares. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Guggenheim restated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Finally, Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Tuesday, June 26th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Corning presently has a consensus rating of “Buy” and a consensus target price of $33.68.

In other Corning news, insider R Tony Tripeny sold 67,659 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $33.00, for a total transaction of $2,232,747.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Clark S. Kinlin sold 45,298 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $33.15, for a total transaction of $1,501,628.70. Following the sale, the executive vice president now owns 72,741 shares in the company, valued at $2,411,364.15. The disclosure for this sale can be found here. Insiders have sold 612,264 shares of company stock worth $19,079,432 over the last quarter. Insiders own 0.46% of the company’s stock.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Read More: Market Capitalization and Individual Investors

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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