First Merchants Corp Has $1,073,000 Stake in Corning Inc. (GLW)
First Merchants Corp raised its position in shares of Corning Inc. (NYSE:GLW) by 22.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,440 shares of the company’s stock after buying an additional 9,700 shares during the period. First Merchants Corp’s holdings in Corning were worth $1,073,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its position in shares of Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock worth $49,806,000 after buying an additional 1,360,200 shares in the last quarter. Royal Bank of Canada increased its position in shares of Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares in the last quarter. Motley Fool Wealth Management LLC increased its position in shares of Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares in the last quarter. Zurich Insurance Group Ltd FI increased its position in shares of Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock worth $6,427,000 after buying an additional 97,387 shares in the last quarter. Finally, First Manhattan Co. increased its position in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares in the last quarter. 73.64% of the stock is owned by institutional investors and hedge funds.
Corning Inc. (NYSE:GLW) traded up 1.15% on Wednesday, hitting $22.96. 11,700,124 shares of the company were exchanged. The firm’s 50 day moving average is $22.69 and its 200 day moving average is $20.90. The company has a market capitalization of $23.81 billion, a P/E ratio of 12.65 and a beta of 1.44. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $23.13.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The firm earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. Corning’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. On average, equities research analysts forecast that Corning Inc. will post $1.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.35%. Corning’s dividend payout ratio (DPR) is presently 29.51%.
GLW has been the subject of a number of analyst reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Corning in a research note on Friday, August 26th. Citigroup Inc. raised their target price on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Standpoint Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Vetr downgraded shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target for the company. in a research report on Monday, June 6th. Finally, Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and reduced their price target for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Corning presently has an average rating of “Hold” and a consensus target price of C$21.45.
In related news, insider R Tony Tripeny sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of C$22.27, for a total transaction of C$167,025.00. Following the completion of the transaction, the insider now owns 48,221 shares in the company, valued at approximately C$1,073,881.67. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Eric S. Musser sold 56,853 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the transaction, the vice president now owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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