Corning Incorporated (GLW) Position Boosted by National Pension Service
National Pension Service boosted its position in shares of Corning Incorporated (NYSE:GLW) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 881,921 shares of the electronics maker’s stock after buying an additional 42,877 shares during the period. National Pension Service’s holdings in Corning were worth $26,784,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Highbridge Capital Management LLC purchased a new position in Corning during the fourth quarter worth approximately $226,000. Macquarie Group Ltd. raised its position in Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock worth $852,000 after buying an additional 4,300 shares during the period. Capstone Asset Management Co. raised its position in Corning by 5.3% in the first quarter. Capstone Asset Management Co. now owns 93,093 shares of the electronics maker’s stock worth $2,514,000 after buying an additional 4,726 shares during the period. North American Management Corp raised its position in Corning by 6.3% in the first quarter. North American Management Corp now owns 136,394 shares of the electronics maker’s stock worth $3,683,000 after buying an additional 8,093 shares during the period. Finally, BKD Wealth Advisors LLC purchased a new position in Corning during the first quarter worth approximately $213,000. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Corning Incorporated (GLW) traded up 1.44% during midday trading on Friday, hitting $28.98. 3,743,820 shares of the company were exchanged. The firm’s 50-day moving average price is $30.26 and its 200-day moving average price is $28.53. The stock has a market capitalization of $26.17 billion, a PE ratio of 12.94 and a beta of 1.40. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings data 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. The business 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%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business earned $0.37 EPS. Equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued 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 2.14%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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GLW has been the topic of a number of recent analyst reports. Stifel Nicolaus restated a “hold” rating and issued a $28.00 price target on shares of Corning in a research report on Wednesday, April 19th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Friday, April 21st. Drexel Hamilton boosted their target price on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research note on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Corning in a research note on Wednesday, April 26th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $33.00 target price (up from $32.00) on shares of Corning in a research note on Wednesday, April 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $27.81.
In related news, 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 transaction, the insider now owns 91,552 shares in the company, valued at approximately $2,677,896. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of 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. In the last quarter, insiders sold 387,700 shares of company stock valued at $11,389,405. 0.59% of the stock is owned by company 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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