Burke & Herbert Bank & Trust Co. Maintains Stake in Corning Incorporated (NYSE:GLW)
Burke & Herbert Bank & Trust Co. maintained its position in Corning Incorporated (NYSE:GLW) during the second quarter, Holdings Channel reports. The firm owned 13,416 shares of the electronics maker’s stock at the end of the second quarter. Burke & Herbert Bank & Trust Co.’s holdings in Corning were worth $403,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Davis R M Inc. boosted 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 in the last quarter. Peapack Gladstone Financial Corp boosted 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 in the last quarter. Smith Moore & CO. boosted 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 in the last quarter. Ronald Blue & Co. LLC boosted 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 in the last quarter. Finally, Signaturefd LLC boosted 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 in the last quarter. 74.19% of the stock is owned by institutional investors and hedge funds.
Corning Incorporated (NYSE GLW) traded up 1.44% during midday trading on Friday, reaching $28.98. 3,743,820 shares of the company were exchanged. The firm has a market capitalization of $26.17 billion, a PE ratio of 12.94 and a beta of 1.40. The company has a 50-day moving average of $30.26 and a 200 day moving average of $28.53. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 earnings per share. Equities analysts predict 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 paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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A number of research firms have commented on GLW. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $33.00 price target (up previously from $32.00) on shares of Corning in a research note on Wednesday, April 26th. Finally, Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price target on shares of Corning in a research note on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $27.81.
In other Corning news, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction on Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the transaction, the insider now directly owns 3,859 shares of the company’s stock, valued at $111,911. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lisa Ferrero sold 56,500 shares of Corning stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the transaction, the insider now directly owns 16,808 shares of the company’s stock, valued at $488,944.72. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock valued at $11,389,405 over the last ninety days. 0.59% of the stock is owned by insiders.
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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