Atlantic Trust Group LLC Has $1.13 Million Position in Corning Incorporated (GLW)
Atlantic Trust Group LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,691 shares of the electronics maker’s stock after selling 3,672 shares during the quarter. Atlantic Trust Group LLC’s holdings in Corning were worth $1,133,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Waldron LP increased its stake in Corning by 72.6% in the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock valued at $376,000 after acquiring an additional 6,303 shares during the period. Sequoia Financial Advisors LLC increased its stake in Corning by 13.6% in the first quarter. Sequoia Financial Advisors LLC now owns 73,189 shares of the electronics maker’s stock valued at $1,976,000 after acquiring an additional 8,785 shares during the period. Wedge Capital Management L L P NC bought a new stake in Corning in the first quarter valued at about $58,813,000. Commerzbank Aktiengesellschaft FI increased its stake in Corning by 210.4% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 163,973 shares of the electronics maker’s stock valued at $4,427,000 after acquiring an additional 111,151 shares during the period. Finally, ING Groep NV increased its stake in Corning by 101.9% in the first quarter. ING Groep NV now owns 39,850 shares of the electronics maker’s stock valued at $1,076,000 after acquiring an additional 20,117 shares during the period. 71.35% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on GLW shares. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reaffirmed a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 price objective (up from $26.00) on shares of Corning in a research note on Monday, June 19th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective on the stock in a research note on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Corning presently has an average rating of “Hold” and an average target price of $28.21.
In related news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction that occurred on Tuesday, August 29th. The shares were 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 $2,089,021.20. The disclosure for this sale can be found here. Insiders have sold a total of 127,888 shares of company stock worth $3,653,485 over the last ninety days. 0.59% of the stock is currently owned by insiders.
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Corning Incorporated (NYSE:GLW) opened at 29.35 on Friday. The firm has a market capitalization of $26.51 billion, a price-to-earnings ratio of 13.11 and a beta of 1.40. The stock’s 50 day moving average is $28.86 and its 200-day moving average is $28.83. Corning Incorporated has a 12 month low of $22.23 and a 12 month 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, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for 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 revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.37 EPS. Equities analysts anticipate that Corning Incorporated will post $1.70 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. This represents a $0.62 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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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