Candriam Luxembourg S.C.A. Boosts Stake in Corning Inc. (GLW)
Candriam Luxembourg S.C.A. raised its position in shares of Corning Inc. (NYSE:GLW) by 17.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,997 shares of the company’s stock after buying an additional 9,533 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Corning were worth $1,311,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. increased its stake in 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 worth $49,806,000 after buying an additional 1,360,200 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock valued at $64,534,000 after buying an additional 76,186 shares in the last quarter. Motley Fool Wealth Management LLC increased its stake in shares of Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock valued at $1,234,000 after buying an additional 4,575 shares in the last quarter. Zurich Insurance Group Ltd FI increased its stake in shares of Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock valued at $6,427,000 after buying an additional 97,387 shares in the last quarter. Finally, First Manhattan Co. increased its stake in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares in the last quarter. 73.63% of the stock is currently owned by institutional investors.
Corning Inc. (NYSE:GLW) traded up 1.67% during mid-day trading on Wednesday, hitting $23.80. 8,362,894 shares of the stock were exchanged. The company has a 50 day moving average of $22.89 and a 200 day moving average of $21.18. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.89. The firm has a market cap of $24.68 billion, a P/E ratio of 13.11 and a beta of 1.34.
Corning (NYSE:GLW) last announced its quarterly earnings data 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 earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th 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 2.27%. Corning’s dividend payout ratio is presently 29.51%.
GLW has been the topic of several recent analyst reports. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and reduced their target price for the company from $21.03 to $14.50 in a research note on Friday, June 10th. They noted that the move was a valuation call. Bank of America Corp. downgraded shares of Corning from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $42.00 to $28.00 in a research note on Friday, June 10th. Standpoint Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Argus reissued a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Finally, Citigroup Inc. initiated coverage on shares of Corning in a research note on Monday, June 20th. They issued a “buy” rating and a $23.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of C$21.98.
In related news, CEO Wendell P. Weeks sold 68,250 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the transaction, the chief executive officer now directly owns 68,250 shares of the company’s stock, valued at C$1,515,832.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David L. Morse sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total value of C$423,000.00. Following the completion of the transaction, the insider now directly owns 61,629 shares of the company’s stock, valued at C$1,448,281.50. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
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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