Pitcairn Co. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 6.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,378 shares of the electronics maker’s stock after selling 670 shares during the period. Pitcairn Co.’s holdings in Corning were worth $269,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. First Command Bank increased its stake in Corning by 49.4% during the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock worth $30,000 after buying an additional 385 shares in the last quarter. First PREMIER Bank increased its stake in Corning by 303.3% during the 2nd quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock worth $31,000 after buying an additional 910 shares in the last quarter. Watson Rebecca purchased a new stake in Corning during the 2nd quarter worth approximately $32,000. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in Corning by 700.0% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock worth $29,000 after buying an additional 1,225 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in Corning by 202.8% during the 2nd quarter. Larson Financial Group LLC now owns 1,720 shares of the electronics maker’s stock worth $45,000 after buying an additional 1,152 shares in the last quarter. Institutional investors own 72.96% of the company’s stock.
A number of research firms have recently issued reports on GLW. Oppenheimer began coverage on Corning in a research report on Tuesday, July 28th. They issued a “hold” rating for the company. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and upped their price target for the company from $25.00 to $36.00 in a research report on Thursday, July 16th. Morgan Stanley upped their price target on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. Barclays upped their price target on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Citigroup upped their price target on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $31.90.
NYSE:GLW opened at $31.00 on Friday. The company has a quick ratio of 1.44, a current ratio of 2.27 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average is $27.43 and its two-hundred day moving average is $24.73. Corning Incorporated has a 52 week low of $17.44 and a 52 week high of $31.82. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 310.03, a price-to-earnings-growth ratio of 13.89 and a beta of 1.10.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.13. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was down 11.6% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 1.2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Thursday, August 27th. Corning’s dividend payout ratio (DPR) is 50.00%.
In other Corning news, EVP Clark S. Kinlin sold 28,840 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the transaction, the executive vice president now directly owns 80,881 shares in the company, valued at $2,491,134.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $31.67, for a total value of $918,239.98. Following the completion of the sale, the insider now owns 169,128 shares in the company, valued at $5,356,283.76. The disclosure for this sale can be found here. Insiders have sold 186,762 shares of company stock worth $5,812,645 over the last 90 days. 0.47% of the stock is owned by insiders.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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