Ashford Capital Management Inc. Maintains Holdings in Corning Incorporated (GLW)
Ashford Capital Management Inc. continued to hold its stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,989 shares of the electronics maker’s stock at the close of the second quarter. Ashford Capital Management Inc.’s holdings in Corning were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently made changes to their positions in GLW. GLG Partners LP purchased a new position in shares of Corning during the second quarter valued at approximately $102,000. Jacobus Wealth Management Inc. purchased a new position in shares of Corning during the first quarter valued at approximately $108,000. Central Bank & Trust Co. lifted its stake in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares during the period. Harfst & Associates Inc. lifted its stake in shares of Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares during the period. 71.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of Corning Incorporated (NYSE:GLW) traded up 0.77% during trading on Monday, hitting $29.97. 970,212 shares of the stock were exchanged. The stock’s 50 day moving average is $29.55 and its 200-day moving average is $29.21. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The stock has a market cap of $27.07 billion, a price-to-earnings ratio of 13.39 and a beta of 1.38.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.37 earnings per share. Equities research analysts anticipate that Corning Incorporated will post $1.69 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 27.93%.
In other Corning news, 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 value of $942,480.00. Following the completion of the sale, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred 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 of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 over the last quarter. Corporate insiders own 0.59% of the company’s stock.
Several equities analysts recently issued reports on GLW shares. Vetr raised 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. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $28.90.
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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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