Corning Incorporated (NYSE:GLW) Position Boosted by Pennsylvania Trust Co
Pennsylvania Trust Co increased its position in shares of Corning Incorporated (NYSE:GLW) by 40.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,142 shares of the electronics maker’s stock after buying an additional 31,889 shares during the period. Pennsylvania Trust Co’s holdings in Corning were worth $3,310,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Davis R M Inc. raised its position in Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock worth $256,000 after buying an additional 32 shares during the period. Peapack Gladstone Financial Corp raised its position in Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock worth $479,000 after buying an additional 195 shares during the period. Smith Moore & CO. raised its position in Corning by 1.8% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock worth $309,000 after buying an additional 200 shares during the period. Ronald Blue & Co. LLC raised its position in Corning by 2.1% in the first quarter. Ronald Blue & Co. LLC now owns 10,573 shares of the electronics maker’s stock worth $286,000 after buying an additional 221 shares during the period. Finally, Signaturefd LLC raised its position in Corning by 1.8% in the first quarter. Signaturefd LLC now owns 12,871 shares of the electronics maker’s stock worth $348,000 after buying an additional 228 shares during the period. Institutional investors and hedge funds own 74.19% of the company’s stock.
Corning Incorporated (GLW) traded up 1.3847% during midday trading on Friday, hitting $28.9656. The stock had a trading volume of 1,788,046 shares. The firm has a market cap of $26.16 billion, a P/E ratio of 12.9368 and a beta of 1.40. The stock has a 50-day moving average of $30.28 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.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid 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 yield of 2.17%. Corning’s payout ratio is 27.93%.
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A number of equities analysts recently weighed in on the company. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $33.00 price target (up previously from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price target on shares of Corning in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 387,700 shares of company stock valued at $11,389,405. 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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