Corning Incorporated (GLW) Shares Bought by Teachers Advisors LLC
Teachers Advisors LLC increased its holdings in Corning Incorporated (NYSE:GLW) by 22.0% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,484,661 shares of the electronics maker’s stock after buying an additional 447,352 shares during the quarter. Teachers Advisors LLC owned about 0.28% of Corning worth $74,664,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Jacobus Wealth Management Inc. bought a new stake in Corning in the 1st quarter worth about $108,000. Clean Yield Group bought a new stake in Corning in the 1st quarter worth about $122,000. Central Bank & Trust Co. increased its holdings in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares in the last quarter. Grove Bank & Trust increased its holdings in Corning by 31.7% in the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares in the last quarter. Finally, AT Bancorp bought a new stake in Corning in the 2nd quarter worth about $184,000. Institutional investors own 71.30% of the company’s stock.
Corning Incorporated (GLW) opened at 30.10 on Friday. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The stock has a market capitalization of $27.19 billion, a PE ratio of 13.44 and a beta of 1.40. The stock’s 50 day moving average price is $28.89 and its 200-day moving average price is $28.87.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.37 earnings per share. On average, equities analysts expect that Corning Incorporated will post $1.70 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.06%. Corning’s dividend payout ratio is currently 27.93%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at $3,893,220.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction, the insider now owns 72,039 shares in the company, valued at approximately $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 quarter. 0.59% of the stock is currently owned by company insiders.
A number of equities research analysts have issued reports on the company. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and cut their price target for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research note on Monday, July 10th. 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 assigned a strong buy rating to the company. Corning has an average rating of “Hold” and a consensus target price of $28.98.
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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