Hanson & Doremus Investment Management Has $4,031,000 Stake in Corning Inc. (GLW)
Hanson & Doremus Investment Management decreased its stake in Corning Inc. (NYSE:GLW) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 196,809 shares of the company’s stock after selling 1,780 shares during the period. Corning comprises about 1.8% of Hanson & Doremus Investment Management’s portfolio, making the stock its 7th largest position. Hanson & Doremus Investment Management’s holdings in Corning were worth $4,031,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock valued at $64,534,000 after buying an additional 76,186 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake 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 valued at $49,806,000 after buying an additional 1,360,200 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Corning by 1.5% in the first quarter. Panagora Asset Management Inc. now owns 1,248,715 shares of the company’s stock valued at $26,086,000 after buying an additional 18,978 shares in the last quarter. John G Ullman & Associates Inc. increased its stake in Corning by 2.0% in the second quarter. John G Ullman & Associates Inc. now owns 948,099 shares of the company’s stock valued at $19,417,000 after buying an additional 18,754 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Corning during the second quarter valued at $18,716,000. 73.65% of the stock is currently owned by institutional investors.
Shares of Corning Inc. (NYSE:GLW) traded up 0.97% during midday trading on Wednesday, hitting $23.84. 4,616,241 shares of the company were exchanged. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.96. The company has a 50-day moving average price of $23.11 and a 200-day moving average price of $21.38. The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 13.13 and a beta of 1.34.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share 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 firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the firm posted $0.38 EPS. Corning’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts forecast that Corning Inc. will post $1.42 EPS for the current year.
The company also recently disclosed 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. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a yield of 2.29%. Corning’s dividend payout ratio (DPR) is 29.51%.
GLW has been the topic of several research analyst reports. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research report on Friday, August 26th. Vetr downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price objective on the stock. in a report on Thursday, July 7th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Citigroup Inc. upped their price objective on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Finally, Bank of America Corp. reaffirmed a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, September 21st. Four investment 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. The stock presently has an average rating of “Hold” and an average target price of C$21.98.
In related news, VP Eric S. Musser sold 56,853 shares of Corning stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Martin J. Curran sold 9,000 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was 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 disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
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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