Corning Inc. (GLW) Shares Sold by SOL Capital Management CO
SOL Capital Management CO reduced its stake in shares of Corning Inc. (NYSE:GLW) by 3.7% during the second quarter, Holdings Channel reports. The firm owned 10,498 shares of the company’s stock after selling 402 shares during the period. SOL Capital Management CO’s holdings in Corning were worth $215,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in GLW. Concert Wealth Management Inc. raised its position in Corning by 4.0% in the second quarter. Concert Wealth Management Inc. now owns 30,634 shares of the company’s stock valued at $625,000 after buying an additional 1,191 shares in the last quarter. First Citizens Bank & Trust Co. raised its position in Corning by 114.3% in the second quarter. First Citizens Bank & Trust Co. now owns 35,307 shares of the company’s stock valued at $723,000 after buying an additional 18,829 shares in the last quarter. Tealwood Asset Management Inc. raised its position in Corning by 1.1% in the second quarter. Tealwood Asset Management Inc. now owns 79,336 shares of the company’s stock valued at $1,625,000 after buying an additional 844 shares in the last quarter. Whittier Trust Co. raised its position 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 in the last quarter. Finally, Diligent Investors LLC raised its position in Corning by 0.5% in the second quarter. Diligent Investors LLC now owns 39,280 shares of the company’s stock valued at $804,000 after buying an additional 200 shares in the last quarter. 73.65% of the stock is owned by institutional investors.
Corning Inc. (NYSE:GLW) traded up 0.17% during mid-day trading on Monday, hitting $23.43. The company had a trading volume of 5,821,220 shares. The company’s 50 day moving average price is $23.06 and its 200-day moving average price is $21.33. The firm has a market capitalization of $24.29 billion, a PE ratio of 12.91 and a beta of 1.33. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.96.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. On average, analysts forecast that Corning Inc. will post $1.42 EPS for the current fiscal year.
The firm 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 $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is presently 29.51%.
Several research analysts have recently issued reports on GLW shares. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. raised their price target on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Vetr lowered Corning from a “buy” rating to a “hold” rating and set a $21.20 price target on the stock. in a research report on Thursday, July 7th. Finally, 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. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of C$21.98.
In other Corning news, insider David L. Morse sold 18,000 shares of the business’s stock in a transaction dated 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 owns 61,629 shares in the company, valued at C$1,448,281.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Martin J. Curran sold 9,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the vice president now owns 25,052 shares in the company, valued at approximately C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate 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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