Bronfman E.L. Rothschild L.P. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 26.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,897 shares of the electronics maker’s stock after buying an additional 1,863 shares during the quarter. Bronfman E.L. Rothschild L.P.’s holdings in Corning were worth $267,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Coconut Grove Bank grew its holdings in Corning by 92.8% during the 1st quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth $108,000. Central Bank & Trust Co. boosted its holdings 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 worth $128,000 after purchasing an additional 345 shares during the last quarter. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth $122,000. Finally, Grove Bank & Trust boosted its holdings 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 worth $158,000 after purchasing an additional 1,265 shares during the last quarter. Hedge funds and other institutional investors own 71.35% of the company’s stock.
In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value 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 approximately $3,893,220.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction 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 completion of the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently issued reports on GLW shares. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a report on Tuesday, July 4th. Drexel Hamilton restated a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Thursday, July 27th. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned 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 a consensus target price of $28.21.
Corning Incorporated (NYSE:GLW) opened at 29.15 on Wednesday. The stock has a market capitalization of $26.33 billion, a price-to-earnings ratio of 13.02 and a beta of 1.40. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The firm has a 50-day moving average price of $29.06 and a 200 day moving average price of $28.80.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the company posted $0.37 EPS. Corning’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post $1.70 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 2.13%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
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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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