Alliancebernstein L.P. Has $54.53 Million Holdings in Corning Incorporated (GLW)
Alliancebernstein L.P. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,814,513 shares of the electronics maker’s stock after selling 12,374 shares during the quarter. Alliancebernstein L.P. owned about 0.20% of Corning worth $54,526,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Davis R M Inc. lifted its position in shares of Corning by 0.3% during the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Corning by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after buying an additional 33 shares during the last quarter. Wedbush Securities Inc. lifted its position in shares of Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after buying an additional 41 shares during the last quarter. MAI Capital Management lifted its position in shares of Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after buying an additional 95 shares during the last quarter. Finally, Global X Management Co. LLC lifted its position in shares of Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after buying an additional 113 shares during the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.
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In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the transaction, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is owned by company insiders.
Corning Incorporated (NYSE GLW) opened at 29.54 on Tuesday. The firm has a market cap of $26.68 billion, a P/E ratio of 13.19 and a beta of 1.40. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The company has a 50-day moving average of $28.87 and a 200 day moving average of $28.85.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post $1.70 earnings per share for the current fiscal 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 $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
Several analysts have commented on the stock. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and decreased their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of Corning in a report 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 report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $28.21.
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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