Delta Lloyd Asset Management N.V. Purchases New Holdings in Corning Incorporated (GLW)
Delta Lloyd Asset Management N.V. purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 82,287 shares of the electronics maker’s stock, valued at approximately $2,473,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Coconut Grove Bank grew its holdings in shares of Corning by 92.8% during the 1st quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after purchasing an additional 1,920 shares during the period. Jacobus Wealth Management Inc. purchased a new position in shares of Corning during the 1st quarter worth $108,000. Central Bank & Trust Co. grew its holdings in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the period. Clean Yield Group purchased a new position in shares of Corning during the 1st quarter worth $122,000. Finally, Grove Bank & Trust grew its holdings in shares of Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the period. Institutional investors and hedge funds own 71.35% of the company’s stock.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the sale, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 in the last 90 days. 0.59% of the stock is currently owned by insiders.
Corning Incorporated (NYSE:GLW) opened at 29.15 on Wednesday. The stock has a market cap of $26.33 billion, a PE ratio of 13.02 and a beta of 1.40. The stock has a 50 day moving average price of $29.06 and a 200 day moving average price of $28.80. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Corning’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post $1.70 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 2.13%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.
A number of research firms have recently weighed in on GLW. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price target on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $28.21.
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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