3,400 Shares in Corning Incorporated (GLW) Purchased by GLG Partners LP
GLG Partners LP acquired a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,400 shares of the electronics maker’s stock, valued at approximately $102,000.
Several other large investors have also modified their holdings of GLW. Jacobus Wealth Management Inc. purchased a new position in shares of Corning during the 1st quarter worth about $108,000. Central Bank & Trust Co. boosted its stake in shares of Corning by 8.8% during the 2nd 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 period. Harfst & Associates Inc. boosted its stake in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the period. Grove Bank & Trust boosted its stake in shares of Corning by 31.7% during the 2nd 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 period. Finally, AT Bancorp purchased a new position in shares of Corning during the 2nd quarter worth about $184,000. 71.30% of the stock is owned by institutional investors and hedge funds.
Shares of Corning Incorporated (GLW) opened at 30.54 on Thursday. The firm has a 50-day moving average of $29.17 and a 200 day moving average of $29.07. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The stock has a market capitalization of $27.58 billion, a PE ratio of 13.64 and a beta of 1.38.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm posted $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post $1.70 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Tuesday, August 29th. Corning’s payout ratio is 27.93%.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction that occurred 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 transaction, 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. In the last three months, insiders sold 127,888 shares of company stock valued at $3,653,485. Insiders own 0.59% of the company’s stock.
A number of research firms recently commented on GLW. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $29.00 to $26.00 in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research note on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $28.90.
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Corning Company Profile
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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