Corning Incorporated (GLW) Shares Sold by Investment Centers of America Inc.
Investment Centers of America Inc. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 16.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,291 shares of the electronics maker’s stock after selling 2,667 shares during the quarter. Investment Centers of America Inc.’s holdings in Corning were worth $399,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Clark Capital Management Group Inc. acquired a new position in Corning during the first quarter worth about $14,879,000. AXA raised its stake in Corning by 7.1% during the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after acquiring an additional 17,315 shares in the last quarter. Vanguard Group Inc. raised its stake in Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after acquiring an additional 326,877 shares in the last quarter. Amalgamated Bank raised its stake in Corning by 6.1% during the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after acquiring an additional 3,862 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Corning by 2.9% during the second quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock worth $152,175,000 after acquiring an additional 144,400 shares in the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning 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 directly owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of Corning 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 completion of the transaction, the insider now directly owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock worth $3,653,485 over the last ninety days. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) opened at 30.05 on Friday. The firm has a market cap of $27.14 billion, a P/E ratio of 13.42 and a beta of 1.40. The firm’s 50-day moving average is $28.89 and its 200-day moving average is $28.87. 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 results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 EPS. Analysts anticipate that Corning Incorporated will post $1.70 earnings per share for the current year.
The business also recently declared 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. 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 (DPR) is currently 27.93%.
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GLW has been the subject of several research analyst reports. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reissued a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reissued an “equal weight” rating and set a $29.00 target price (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 target price for the company in a research note on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $28.98.
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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