Corning Incorporated (NYSE:GLW) Stake Held by Carroll Financial Associates Inc.
Carroll Financial Associates Inc. continued to hold its position in Corning Incorporated (NYSE:GLW) during the second quarter, Holdings Channel reports. The institutional investor owned 5,556 shares of the electronics maker’s stock at the end of the second quarter. Carroll Financial Associates Inc.’s holdings in Corning were worth $166,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Highbridge Capital Management LLC acquired a new position in Corning during the fourth quarter worth about $226,000. Macquarie Group Ltd. increased 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 last quarter. Capstone Asset Management Co. increased 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 last quarter. North American Management Corp increased 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 last quarter. Finally, BKD Wealth Advisors LLC acquired a new position in Corning during the first quarter worth about $213,000. Institutional investors own 74.19% of the company’s stock.
Corning Incorporated (NYSE GLW) traded up 1.44% during mid-day trading on Friday, reaching $28.98. The company had a trading volume of 3,743,820 shares. The firm has a market capitalization of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40. The firm’s 50-day moving average is $30.26 and its 200-day moving average is $28.53. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company posted $0.37 earnings per share. Corning’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.14%. Corning’s dividend payout ratio (DPR) is currently 27.93%.
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A number of research analysts have issued reports on GLW shares. Stifel Nicolaus restated a “hold” rating and set a $28.00 target price 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 increased their price target on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price target on shares of Corning in a research report on Wednesday, April 26th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $33.00 price target (up from $32.00) on shares of Corning in a research report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Corning presently has an average rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now owns 72,707 shares in the company, valued at approximately $2,153,581.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $29.00, for a total value of $870,000.00. Following the completion of the transaction, the insider now owns 3,859 shares of the company’s stock, valued at approximately $111,911. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock valued at $11,389,405 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.
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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