Corning Inc. (GLW) Position Reduced by Seaward Management Limited Partnership
Seaward Management Limited Partnership reduced its stake in Corning Inc. (NYSE:GLW) by 1.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,050 shares of the company’s stock after selling 400 shares during the period. Seaward Management Limited Partnership’s holdings in Corning were worth $492,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in shares of Corning by 25,835.5% in the first quarter. Bessemer Group Inc. now owns 4,713,519 shares of the company’s stock valued at $98,466,000 after buying an additional 4,695,345 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of Corning during the first quarter valued at $51,758,000. Douglas Lane & Associates LLC acquired a new position in shares of Corning during the first quarter valued at $35,325,000. Adage Capital Partners GP L.L.C. increased its position in shares of Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock valued at $49,806,000 after buying an additional 1,360,200 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of Corning during the second quarter valued at $18,716,000. 73.64% of the stock is owned by hedge funds and other institutional investors.
Corning Inc. (NYSE:GLW) traded up 0.65% during trading on Thursday, reaching $23.11. The company had a trading volume of 8,373,873 shares. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.23. The stock has a market capitalization of $23.96 billion, a price-to-earnings ratio of 12.73 and a beta of 1.44. The firm has a 50-day moving average of $22.72 and a 200-day moving average of $20.91.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that Corning Inc. will post $1.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Monday, August 29th. Corning’s dividend payout ratio (DPR) is currently 29.51%.
GLW has been the topic of several research analyst reports. Citigroup Inc. initiated coverage on Corning in a research note on Monday, June 20th. They set a “buy” rating and a $23.00 target price on the stock. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Standpoint Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Vetr downgraded Corning from a “buy” rating to a “hold” rating and set a $21.20 target price on the stock. in a research note on Thursday, July 7th. Finally, Bank of America Corp. reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of C$21.45.
In other news, insider James P. Clappin sold 15,000 shares of Corning stock in a transaction dated Monday, August 15th. The stock was sold at an average price of C$23.00, for a total transaction of C$345,000.00. Following the sale, the insider now owns 81,589 shares in the company, valued at C$1,876,547. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 54,416 shares of Corning stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of C$22.87, for a total value of C$1,244,493.92. Following the sale, the vice president now owns 32,115 shares in the company, valued at approximately C$734,470.05. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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