FTB Advisors Inc. Lowers Stake in Corning Inc. (GLW)
FTB Advisors Inc. lowered its stake in Corning Inc. (NYSE:GLW) by 28.0% during the second quarter, Holdings Channel reports. The institutional investor owned 11,968 shares of the company’s stock after selling 4,651 shares during the period. FTB Advisors Inc.’s holdings in Corning were worth $244,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Whittier Trust Co. raised its position in shares of 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 in the last quarter. First Manhattan Co. raised its position 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 raised its position 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 raised its position 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 bought a new position in shares of Corning during the first quarter valued at $201,000. 73.63% of the stock is owned by institutional investors.
Corning Inc. (NYSE:GLW) traded up 0.82% during mid-day trading on Friday, hitting $23.39. 6,775,478 shares of the company were exchanged. The company has a 50 day moving average of $23.06 and a 200 day moving average of $21.33. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.96. The stock has a market cap of $24.25 billion, a P/E ratio of 12.89 and a beta of 1.34.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The business’s revenue was up .7% on a year-over-year basis. On average, equities research analysts expect that Corning Inc. will post $1.42 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is 29.51%.
Several research analysts have weighed in on the stock. Vetr lowered shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price objective for the company. in a report on Thursday, July 7th. Citigroup Inc. lifted their price target on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Monday, October 3rd. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Corning in a report on Friday, August 26th. Finally, Bank of America Corp. reaffirmed a “sell” rating and issued 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 given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of C$21.98.
In other news, insider R Tony Tripeny sold 7,500 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of C$22.27, for a total value of C$167,025.00. Following the sale, the insider now owns 48,221 shares of the company’s stock, valued at approximately C$1,073,881.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David L. Morse sold 18,000 shares of the company’s stock in a transaction dated 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 completion of the sale, 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. 0.60% of the stock is currently owned by insiders.
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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