Groupe la Francaise trimmed its stake in Corning Incorporated (NYSE:GLW – Free Report) by 43.2% in the second quarter, Holdings Channel.com reports. The firm owned 29,940 shares of the electronics maker’s stock after selling 22,793 shares during the quarter. Groupe la Francaise’s holdings in Corning were worth $7,645,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Berbice Capital Management LLC acquired a new position in shares of Corning in the 4th quarter valued at $26,000. Basepoint Wealth LLC acquired a new stake in shares of Corning during the 4th quarter worth $26,000. Atwood & Palmer Inc. purchased a new position in shares of Corning in the 2nd quarter worth $26,000. Rogco LP purchased a new position in shares of Corning in the 2nd quarter worth $27,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Corning in the fourth quarter valued at $27,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
Corning Stock Down 0.1%
Shares of NYSE GLW opened at $154.22 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 1 year low of $70.06 and a 1 year high of $271.78. The stock’s 50-day simple moving average is $164.74 and its 200-day simple moving average is $165.39. The firm has a market cap of $132.84 billion, a price-to-earnings ratio of 70.42, a PEG ratio of 1.98 and a beta of 1.16.
Corning Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio (DPR) is presently 51.14%.
Wall Street Analyst Weigh In
Several equities research analysts have commented on GLW shares. Oppenheimer dropped their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. UBS Group reaffirmed a “buy” rating and issued a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Barclays decreased their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Finally, Citigroup cut their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $174.08.
Read Our Latest Research Report on GLW
Insider Buying and Selling
In other Corning news, CEO Wendell Weeks sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The SEC filing for this sale provides additional information. 0.25% of the stock is currently owned by company insiders.
Corning Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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