Corning Inc. (GLW) Stake Maintained by SignalPoint Asset Management LLC
SignalPoint Asset Management LLC held its stake in shares of Corning Inc. (NYSE:GLW) during the second quarter, Holdings Channel reports. The fund owned 11,176 shares of the company’s stock at the end of the second quarter. SignalPoint Asset Management LLC’s holdings in Corning were worth $229,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. First Manhattan Co. boosted 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 during the last quarter. Zions Bancorporation boosted its stake in shares of Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock valued at $164,000 after buying an additional 6,498 shares during the last quarter. Invictus RG boosted its stake in shares of Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock valued at $184,000 after buying an additional 495 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new stake in shares of Corning during the first quarter valued at $201,000. Finally, LVW Advisors LLC acquired a new stake in shares of Corning during the first quarter valued at $203,000. 73.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning Inc. (NYSE:GLW) traded up 1.67% during mid-day trading on Wednesday, hitting $23.80. 8,316,477 shares of the stock traded hands. The firm has a market cap of $24.68 billion, a price-to-earnings ratio of 13.11 and a beta of 1.34. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.89. The firm’s 50 day moving average price is $22.86 and its 200 day moving average price is $21.16.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, equities research analysts predict that Corning Inc. will post $1.43 EPS 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 annualized dividend and a dividend yield of 2.27%. Corning’s dividend payout ratio is presently 29.51%.
A number of equities research analysts recently commented on GLW shares. Argus reissued a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 target price for the company in a research report on Monday, June 27th. Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and decreased their target price for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Citigroup Inc. increased their target price on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of C$21.98.
In related news, VP Martin J. Curran sold 9,000 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the sale, the vice president now owns 25,052 shares in the company, valued at approximately C$547,636.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider R Tony Tripeny sold 7,500 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of C$22.27, for a total transaction of C$167,025.00. Following the completion of the sale, the insider now owns 48,221 shares of the company’s stock, valued at approximately C$1,073,881.67. 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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