Menlo Advisors LLC Continues to Hold Stake in Corning Incorporated (NYSE:GLW)
Menlo Advisors LLC maintained its position in Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,490 shares of the electronics maker’s stock at the end of the second quarter. Corning accounts for approximately 3.2% of Menlo Advisors LLC’s investment portfolio, making the stock its 15th largest position. Menlo Advisors LLC’s holdings in Corning were worth $4,311,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Clark Capital Management Group Inc. purchased a new position in Corning during the first quarter valued at approximately $14,879,000. AXA raised its position in Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares during the period. Amalgamated Bank raised its position in Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after buying an additional 3,862 shares during the period. DnB Asset Management AS raised its position in Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock valued at $2,997,000 after buying an additional 10,600 shares during the period. Finally, Swiss National Bank raised its position in Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after buying an additional 446,200 shares during the period. 74.19% of the stock is currently owned by institutional investors.
Corning Incorporated (NYSE:GLW) traded up 1.44% during mid-day trading on Friday, hitting $28.98. The company had a trading volume of 3,743,820 shares. The stock’s 50 day moving average price is $30.26 and its 200 day moving average price is $28.53. The firm has a market cap of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40. 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 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the firm earned $0.37 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict 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. Investors of record on Thursday, August 31st will be given a $0.155 dividend. 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 dividend payout ratio is currently 27.93%.
GLW has been the topic of several research analyst reports. Drexel Hamilton lifted their price target on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research report on Wednesday, April 26th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a report on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 target price (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. Jefferies Group LLC boosted their target price on Corning from $24.50 to $27.50 and gave the company a “hold” rating in a report on Friday, April 28th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $27.81.
In related news, insider Lewis A. Steverson sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $29.00, for a total value of $870,000.00. Following the sale, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were 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 $2,677,896. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 387,700 shares of company stock worth $11,389,405. 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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