Corning Incorporated (GLW) Shares Bought by Central Bank & Trust Co.
Central Bank & Trust Co. boosted its stake in Corning Incorporated (NYSE:GLW) by 8.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,264 shares of the electronics maker’s stock after buying an additional 345 shares during the period. Central Bank & Trust Co.’s holdings in Corning were worth $128,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in GLW. First National Bank & Trust Co. of Newtown boosted its position in shares of Corning by 2.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 65,806 shares of the electronics maker’s stock valued at $1,777,000 after buying an additional 1,740 shares during the last quarter. Atria Investments LLC boosted its position in shares of Corning by 26.2% in the first quarter. Atria Investments LLC now owns 26,984 shares of the electronics maker’s stock valued at $729,000 after buying an additional 5,596 shares during the last quarter. BKD Wealth Advisors LLC purchased a new position in shares of Corning during the first quarter valued at about $213,000. North American Management Corp raised its stake in Corning by 6.3% in the first quarter. North American Management Corp now owns 136,394 shares of the electronics maker’s stock valued at $3,683,000 after buying an additional 8,093 shares during the period. Finally, Capstone Asset Management Co. raised its stake in Corning by 5.3% in the first quarter. Capstone Asset Management Co. now owns 93,093 shares of the electronics maker’s stock valued at $2,514,000 after buying an additional 4,726 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Corning Incorporated (GLW) traded down 1.686% during midday trading on Thursday, reaching $28.865. The company’s stock had a trading volume of 2,008,627 shares. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The company has a 50 day moving average price of $30.31 and a 200 day moving average price of $28.50. The firm 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 issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for 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 business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $0.37 EPS. On average, equities research analysts expect that Corning Incorporated will post $1.71 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is currently 27.93%.
Several analysts recently commented on the company. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 target price on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. 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 issued a strong buy rating to the company’s stock. Corning presently has an average rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total value of $870,000.00. Following the completion of the transaction, the insider now directly owns 3,859 shares in the company, valued at $111,911. The disclosure for this sale can be found here. Insiders sold a total of 387,700 shares of company stock worth $11,389,405 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
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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