Berson & Corrado Investment Advisors LLC Purchases 6,182 Shares of Corning Incorporated (NYSE:GLW)
Berson & Corrado Investment Advisors LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,470 shares of the electronics maker’s stock after buying an additional 6,182 shares during the period. Corning accounts for approximately 1.8% of Berson & Corrado Investment Advisors LLC’s holdings, making the stock its 19th largest position. Berson & Corrado Investment Advisors LLC’s holdings in Corning were worth $3,199,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Central Bank & Trust Co. raised its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank raised its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the first quarter valued at about $108,000. Clean Yield Group purchased a new stake in shares of Corning during the first quarter valued at about $122,000. Finally, Pinnacle Bank purchased a new stake in shares of Corning during the first quarter valued at about $136,000. Institutional investors and hedge funds own 74.19% of the company’s stock.
Shares of Corning Incorporated (GLW) traded up 0.27% during midday trading on Wednesday, hitting $29.38. The stock had a trading volume of 1,793,419 shares. The company’s 50 day moving average price is $30.34 and its 200-day moving average price is $28.37. The firm has a market capitalization of $26.54 billion, a PE ratio of 13.12 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 EPS. Equities analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.12%. Corning’s payout ratio is 27.93%.
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Several equities analysts have weighed in on the company. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a report on Thursday, July 27th. Jefferies Group LLC restated a “hold” rating and set a $29.50 target price on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Finally, Drexel Hamilton restated a “sell” rating on shares of Corning in a report on Monday, June 19th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $27.81.
In other news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the transaction, the insider now owns 3,859 shares in the company, valued at approximately $111,911. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 387,700 shares of company stock worth $11,389,405. 0.59% of the stock is owned by insiders.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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