Corning Incorporated (GLW) Position Cut by Tompkins Financial Corp
Tompkins Financial Corp cut its stake in shares of Corning Incorporated (NYSE:GLW) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,659 shares of the electronics maker’s stock after selling 1,672 shares during the period. Corning accounts for approximately 1.1% of Tompkins Financial Corp’s portfolio, making the stock its 18th largest position. Tompkins Financial Corp’s holdings in Corning were worth $4,315,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Highbridge Capital Management LLC bought a new stake in shares of Corning during the fourth quarter valued at about $226,000. Macquarie Group Ltd. raised its stake in shares of Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock valued at $852,000 after buying an additional 4,300 shares during the period. Carroll Financial Associates Inc. raised its stake in shares of Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock valued at $150,000 after buying an additional 413 shares during the period. Legacy Private Trust Co. raised its stake in shares of Corning by 2.7% in the first quarter. Legacy Private Trust Co. now owns 50,760 shares of the electronics maker’s stock valued at $1,371,000 after buying an additional 1,320 shares during the period. Finally, Murphy Capital Management Inc. bought a new stake in shares of Corning during the first quarter valued at about $281,000. 74.19% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded down 1.686% on Thursday, hitting $28.865. 2,008,627 shares of the stock were exchanged. The company has a 50 day moving average of $30.31 and a 200 day moving average of $28.50. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17. The company has a market cap of $26.07 billion, a price-to-earnings ratio of 12.892 and a beta of 1.40.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 earnings per share. Equities research analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.11%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
Several brokerages recently issued reports on GLW. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 price target (up from $26.00) on shares of Corning in a report on Monday, June 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $26.00 price target on shares of Corning in a report on Wednesday, April 12th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $33.00 price target (up from $32.00) on shares of Corning in a report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $27.81.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at $2,270,265. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lewis A. Steverson sold 30,000 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $29.00, for a total value of $870,000.00. Following the transaction, the insider now directly owns 3,859 shares of the company’s stock, valued at approximately $111,911. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock valued at $11,389,405 in the last three months. Insiders own 0.59% of the company’s stock.
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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