Corning Incorporated (GLW) Shares Bought by Flinton Capital Management LLC
Flinton Capital Management LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 28.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 438,676 shares of the electronics maker’s stock after acquiring an additional 96,012 shares during the quarter. Flinton Capital Management LLC’s holdings in Corning were worth $13,182,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in the business. GLG Partners LP purchased a new stake in shares of Corning during the 2nd quarter worth $102,000. Jacobus Wealth Management Inc. acquired a new position in shares of Corning during the 1st quarter worth $108,000. Central Bank & Trust Co. grew 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. grew 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. Finally, Grove Bank & Trust grew 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. 71.30% of the stock is owned by institutional investors.
Corning Incorporated (NYSE GLW) traded down 0.0282% during midday trading on Tuesday, hitting $30.1515. 1,123,841 shares of the company’s stock traded hands. The company has a market capitalization of $27.23 billion, a PE ratio of 13.4665 and a beta of 1.38. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The company has a 50 day moving average of $29.09 and a 200-day moving average of $29.03.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the business posted $0.37 earnings per share. Corning’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post $1.70 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, August 31st were paid a $0.155 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.06%. Corning’s dividend payout ratio is currently 27.93%.
A number of analysts recently commented on the stock. Morgan Stanley reissued an “equal weight” rating and set a $29.00 price objective (up previously from $26.00) on shares of Corning in a report on Monday, June 19th. BidaskClub cut shares of Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.50 target price on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and reduced their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.98.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was 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 owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,888 shares of company stock worth $3,653,485. Corporate insiders own 0.59% of the company’s stock.
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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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