Radnor Capital Management LLC Has $266,000 Stake in Corning Incorporated (GLW)
Radnor Capital Management LLC continued to hold its position in Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,849 shares of the electronics maker’s stock at the close of the 2nd quarter. Radnor Capital Management LLC’s holdings in Corning were worth $266,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clark Capital Management Group Inc. acquired a new stake in Corning during the 1st quarter valued at $14,879,000. AXA grew its holdings in Corning by 7.1% during the 1st quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after purchasing an additional 17,315 shares in the last quarter. Vanguard Group Inc. grew its holdings in Corning by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after purchasing an additional 326,877 shares in the last quarter. Amalgamated Bank grew its holdings in Corning by 6.1% during the 1st quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 3,862 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Corning by 15.3% during the 1st quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after purchasing an additional 446,200 shares in the last quarter. 71.35% of the stock is owned by institutional investors and hedge funds.
GLW has been the topic of a number of research analyst reports. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research note on Monday, July 10th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.21.
In other news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were 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 approximately $2,055,272.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock worth $3,653,485 in the last 90 days. 0.59% of the stock is owned by corporate insiders.
Shares of Corning Incorporated (GLW) opened at 29.25 on Friday. The company has a 50-day moving average of $28.86 and a 200 day moving average of $28.82. The company has a market capitalization of $26.42 billion, a P/E ratio of 13.07 and a beta of 1.40. Corning Incorporated has a 12 month low of $22.23 and a 12 month high of $32.17.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts forecast that Corning Incorporated will post $1.70 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. Corning’s dividend payout ratio is presently 27.93%.
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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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