Sadoff Investment Management LLC Has $32.01 Million Stake in Corning Incorporated (NYSE:GLW)
Sadoff Investment Management LLC increased its position in Corning Incorporated (NYSE:GLW) by 1.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,065,350 shares of the electronics maker’s stock after buying an additional 12,600 shares during the period. Corning comprises 3.0% of Sadoff Investment Management LLC’s portfolio, making the stock its 18th largest position. Sadoff Investment Management LLC’s holdings in Corning were worth $32,014,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in GLW. Vontobel Swiss Wealth Advisors AG boosted its stake in shares of Corning by 3.9% in the second quarter. Vontobel Swiss Wealth Advisors AG now owns 65,259 shares of the electronics maker’s stock worth $1,961,000 after buying an additional 2,425 shares during the period. Breton Hill Capital Ltd. boosted its stake in shares of Corning by 7.7% in the second quarter. Breton Hill Capital Ltd. now owns 95,577 shares of the electronics maker’s stock worth $2,872,000 after buying an additional 6,863 shares during the period. Greenleaf Trust boosted its stake in shares of Corning by 95.7% in the second quarter. Greenleaf Trust now owns 16,575 shares of the electronics maker’s stock worth $498,000 after buying an additional 8,105 shares during the period. Oxbow Advisors LLC boosted its stake in shares of Corning by 0.4% in the second quarter. Oxbow Advisors LLC now owns 129,045 shares of the electronics maker’s stock worth $3,878,000 after buying an additional 470 shares during the period. Finally, Barometer Capital Management Inc. bought a new stake in shares of Corning during the second quarter worth approximately $14,307,000. 74.19% of the stock is owned by institutional investors and hedge funds.
Shares of Corning Incorporated (NYSE GLW) traded up 1.58% during mid-day trading on Friday, hitting $29.02. The stock had a trading volume of 2,015,850 shares. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The company has a market cap of $26.21 billion, a P/E ratio of 12.96 and a beta of 1.40. The firm’s 50 day moving average price is $30.28 and its 200 day moving average price is $28.50.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $0.37 EPS. Analysts predict that Corning Incorporated will post $1.71 earnings per share for the current fiscal 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 paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.17%. Corning’s dividend payout ratio is presently 27.93%.
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A number of equities research analysts recently commented on the company. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $29.50 price objective on shares of Corning in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Finally, Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. One 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 given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.81.
In other Corning news, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the transaction, the insider now owns 91,552 shares in the company, valued at approximately $2,677,896. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 153,500 shares of Corning 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 transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold a total of 387,700 shares of company stock valued at $11,389,405 in the last quarter. Company 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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