Corning Incorporated (NYSE:GLW) Stake Reduced by F&V Capital Management LLC
F&V Capital Management LLC lowered its position in Corning Incorporated (NYSE:GLW) by 8.6% during the second quarter, Holdings Channel reports. The institutional investor owned 303,460 shares of the electronics maker’s stock after selling 28,425 shares during the period. Corning accounts for 5.2% of F&V Capital Management LLC’s investment portfolio, making the stock its largest position. F&V Capital Management LLC’s holdings in Corning were worth $9,119,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of GLW. BlackRock Inc. raised its position in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Corning during the first quarter worth about $58,813,000. Janus Capital Management LLC increased its stake in shares of Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares during the last quarter. Gotham Asset Management LLC increased its stake in shares of Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the last quarter. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Shares of Corning Incorporated (GLW) traded up 1.44% during midday trading on Friday, reaching $28.98. 1,709,703 shares of the company were exchanged. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17. The stock has a market capitalization of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40. The company has a 50 day moving average price of $30.28 and a 200-day moving average price of $28.50.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping 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 business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm posted $0.37 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post $1.71 earnings per share 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%.
A number of equities research analysts have recently issued reports on GLW shares. Drexel Hamilton increased their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a report on Wednesday, April 26th. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 price target (up from $30.00) on shares of Corning in a report on Saturday, April 29th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $27.81.
In other Corning news, insider Lisa Ferrero sold 56,500 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $29.09, for a total value of $1,643,585.00. Following the sale, the insider now owns 16,808 shares in the company, valued at $488,944.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction on 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 sale, the insider now owns 91,552 shares in the company, valued at approximately $2,677,896. The disclosure for this sale can be found here. In the last quarter, insiders sold 387,700 shares of company stock worth $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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