Corning Inc. (GLW) Stake Raised by First Citizens Bank & Trust Co.
First Citizens Bank & Trust Co. increased its position in shares of Corning Inc. (NYSE:GLW) by 114.3% during the second quarter, Holdings Channel reports. The firm owned 35,307 shares of the company’s stock after buying an additional 18,829 shares during the period. First Citizens Bank & Trust Co.’s holdings in Corning were worth $723,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. increased its position 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 period. National Pension Service increased its position in Corning by 4.1% in the first quarter. National Pension Service now owns 802,943 shares of the company’s stock worth $16,773,000 after buying an additional 31,336 shares during the period. Invictus RG increased its position in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the period. AXA increased its position in Corning by 2.2% in the first quarter. AXA now owns 318,300 shares of the company’s stock worth $6,649,000 after buying an additional 6,700 shares during the period. Finally, Meeder Asset Management Inc. increased its position in Corning by 181.0% in the first quarter. Meeder Asset Management Inc. now owns 115,480 shares of the company’s stock worth $2,412,000 after buying an additional 74,388 shares during the period. Hedge funds and other institutional investors own 73.63% of the company’s stock.
Corning Inc. (NYSE:GLW) traded down 0.85% during trading on Thursday, reaching $23.21. 5,350,117 shares of the company’s stock traded hands. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.96. The firm’s 50 day moving average is $23.03 and its 200-day moving average is $21.30. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 12.79 and a beta of 1.34.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Corning’s revenue was up .7% compared to the same quarter last year. Analysts expect that Corning Inc. will post $1.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors 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 yield of 2.31%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 29.51%.
A number of research firms have recently issued reports on GLW. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a research report on Monday, October 3rd. Susquehanna restated a “positive” rating and issued a $27.00 price target (up from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Bank of America Corp. restated a “sell” rating and issued a $17.50 price target on shares of Corning in a research report on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. Corning currently has an average rating of “Hold” and a consensus target price of C$21.98.
In other Corning news, VP Martin J. Curran sold 9,000 shares of Corning stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the sale, the vice president now owns 25,052 shares in the company, valued at C$547,636.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David L. Morse sold 18,000 shares of Corning stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the sale, the insider now owns 61,629 shares in the company, valued at approximately C$1,448,281.50. The disclosure for this sale can be found here. Corporate 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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