Bank of New York Mellon Corp Has $537.38 Million Position in Corning Incorporated (GLW)
Bank of New York Mellon Corp raised its stake in shares of Corning Incorporated (NYSE:GLW) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,882,917 shares of the electronics maker’s stock after buying an additional 971,936 shares during the period. Bank of New York Mellon Corp owned approximately 1.98% of Corning worth $537,381,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the stock. Central Bank & Trust Co. raised its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the last quarter. Coconut Grove Bank raised its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the last quarter. Jacobus Wealth Management Inc. acquired a new stake in Corning during the first quarter valued at about $108,000. Clean Yield Group acquired a new stake in Corning during the first quarter valued at about $122,000. Finally, Grove Bank & Trust raised its stake in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares during the last quarter. Institutional investors and hedge funds own 71.31% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 28.91 on Friday. 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 $26.11 billion, a PE ratio of 12.91 and a beta of 1.40. The company has a 50-day moving average of $29.52 and a 200 day moving average of $28.74.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the business posted $0.37 EPS. Corning’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.14%. Corning’s payout ratio is 27.93%.
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Several analysts have issued reports on the stock. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Jefferies Group LLC restated a “hold” rating and set a $29.50 price target on shares of Corning in a research report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and cut their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $28.21.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold a total of 388,371 shares of company stock worth $11,323,267 in the last 90 days. 0.59% of the stock is currently owned by company 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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