Cambridge Advisors Inc. Sells 3,986 Shares of Corning Incorporated (NYSE:GLW)
Cambridge Advisors Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 7.5% during the second quarter, Holdings Channel reports. The fund owned 49,368 shares of the electronics maker’s stock after selling 3,986 shares during the period. Cambridge Advisors Inc.’s holdings in Corning were worth $1,483,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of GLW. Telemus Capital LLC raised its stake in Corning by 12.0% in the first quarter. Telemus Capital LLC now owns 36,209 shares of the electronics maker’s stock worth $978,000 after buying an additional 3,880 shares during the last quarter. Howe & Rusling Inc. increased its position in shares of Corning by 7.6% in the first quarter. Howe & Rusling Inc. now owns 7,656 shares of the electronics maker’s stock valued at $207,000 after buying an additional 543 shares during the period. Pinnacle Bank acquired a new position in shares of Corning during the first quarter valued at $136,000. First National Bank & Trust Co. of Newtown increased its position in shares of Corning by 2.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 65,806 shares of the electronics maker’s stock valued at $1,777,000 after buying an additional 1,740 shares during the period. Finally, Atria Investments LLC increased its position in shares of Corning by 26.2% in the first quarter. Atria Investments LLC now owns 26,984 shares of the electronics maker’s stock valued at $729,000 after buying an additional 5,596 shares during the period. 74.19% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (NYSE GLW) traded up 1.488% during trading on Friday, reaching $28.995. 2,065,642 shares of the company’s stock were exchanged. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The company’s 50-day moving average is $30.28 and its 200-day moving average is $28.50. The company has a market capitalization of $26.19 billion, a PE ratio of 12.950 and a beta of 1.40.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 earnings per share. Equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is presently 27.93%.
Several brokerages have weighed in on GLW. Stifel Nicolaus reiterated a “hold” rating and issued a $28.00 price target on shares of Corning in a report on Wednesday, April 19th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a report on Monday, July 10th. Finally, Deutsche Bank AG restated a “buy” rating and set a $33.00 price objective (up from $30.00) on shares of Corning in a report on Saturday, April 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Corning currently has a consensus rating of “Hold” and an average target price of $27.81.
In other news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the transaction, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at $2,270,265. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the transaction, the insider now directly owns 3,859 shares in the company, valued at $111,911. The disclosure for this sale can be found here. Insiders sold 387,700 shares of company stock worth $11,389,405 over the last three months. Insiders own 0.59% of the company’s stock.
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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