11,253 Shares in Corning Incorporated (GLW) Acquired by Pinnacle Financial Partners Inc.
Pinnacle Financial Partners Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 11,253 shares of the electronics maker’s stock, valued at approximately $338,000.
Several other institutional investors also recently added to or reduced their stakes in GLW. Dowling & Yahnke LLC increased its position in Corning by 0.4% in the first quarter. Dowling & Yahnke LLC now owns 88,495 shares of the electronics maker’s stock valued at $2,389,000 after buying an additional 356 shares during the period. AMF Pensionsforsakring AB acquired a new position in Corning during the first quarter valued at approximately $1,218,000. First Merchants Corp increased its position in Corning by 4.7% in the first quarter. First Merchants Corp now owns 63,969 shares of the electronics maker’s stock valued at $1,727,000 after buying an additional 2,850 shares during the period. Moloney Securities Asset Management LLC increased its position in Corning by 14.2% in the first quarter. Moloney Securities Asset Management LLC now owns 92,714 shares of the electronics maker’s stock valued at $2,503,000 after buying an additional 11,562 shares during the period. Finally, Breton Hill Capital Ltd. acquired a new position in Corning during the first quarter valued at approximately $2,395,000. Hedge funds and other institutional investors own 71.31% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) opened at 28.64 on Thursday. The company has a 50-day moving average price of $29.78 and a 200 day moving average price of $28.67. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17. The stock has a market cap of $25.87 billion, a price-to-earnings ratio of 12.79 and a beta of 1.40.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 EPS. Equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.16%. Corning’s payout ratio is 27.93%.
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GLW has been the topic of several research reports. Susquehanna Bancshares Inc restated a “positive” rating and issued a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton restated a “sell” rating and issued a $17.50 price target on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 price objective on shares of Corning in a research report on Friday, July 14th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $28.21.
In related news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the transaction, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The disclosure for this sale can be found here. Insiders sold a total of 307,246 shares of company stock valued at $9,003,931 in the last ninety days. 0.59% of the stock is currently owned by insiders.
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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