Concert Wealth Management Inc. Raises Stake in Corning Inc. (GLW)
Concert Wealth Management Inc. increased its stake in shares of Corning Inc. (NYSE:GLW) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,634 shares of the company’s stock after buying an additional 1,191 shares during the period. Concert Wealth Management Inc.’s holdings in Corning were worth $625,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in GLW. Whittier Trust Co. increased its stake in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the last quarter. 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. Zions Bancorporation increased 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 in the last quarter. Invictus RG increased 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 in the last quarter. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of Corning during the first quarter valued at about $201,000. 73.63% of the stock is owned by institutional investors.
Corning Inc. (NYSE:GLW) traded down 0.525% on Tuesday, reaching $23.685. The company’s stock had a trading volume of 2,393,690 shares. The stock’s 50 day moving average price is $22.99 and its 200 day moving average price is $21.27. The firm has a market cap of $24.56 billion, a PE ratio of 13.050 and a beta of 1.33. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.96.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts expect that Corning Inc. will post $1.42 earnings per share for the current fiscal year.
The company also recently declared 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. The ex-dividend date is Tuesday, November 15th. 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%.
Several equities research analysts have issued reports on the company. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target for the company in a report on Monday, June 27th. Susquehanna reaffirmed a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a report on Wednesday, September 28th. Goldman Sachs Group Inc. raised Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price target for the company in a report on Thursday, July 7th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Monday, October 3rd. Finally, Bank of America Corp. reaffirmed a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Corning has an average rating of “Hold” and an average price target of C$21.98.
In other news, insider James P. Clappin sold 15,000 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$22.00, for a total transaction of C$330,000.00. Following the transaction, the insider now owns 81,589 shares of the company’s stock, valued at approximately C$1,794,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David L. Morse sold 18,000 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 61,629 shares in the company, valued at approximately 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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