Corning Incorporated (GLW) Shares Bought by Mn Services Vermogensbeheer B.V.
Mn Services Vermogensbeheer B.V. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 496.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 151,344 shares of the electronics maker’s stock after buying an additional 125,976 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Corning were worth $4,548,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of GLW. Clark Capital Management Group Inc. bought a new stake in Corning during the first quarter valued at about $14,879,000. AXA increased its stake in Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares in the last quarter. Amalgamated Bank increased its stake in Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after buying an additional 3,862 shares in the last quarter. DnB Asset Management AS increased its stake in Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock valued at $2,997,000 after buying an additional 10,600 shares in the last quarter. Finally, Swiss National Bank increased its stake in Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after buying an additional 446,200 shares in the last quarter. Institutional investors and hedge funds own 73.87% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down 3.145% on Tuesday, hitting $28.485. The stock had a trading volume of 5,496,442 shares. The stock has a market cap of $25.73 billion, a PE ratio of 12.722 and a beta of 1.40. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The company has a 50 day moving average price of $30.24 and a 200-day moving average price of $28.58.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. On average, equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is 27.93%.
Several equities research analysts have issued reports on GLW shares. Stifel Nicolaus restated a “hold” rating and set a $28.00 target price on shares of Corning in a research report on Wednesday, April 19th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Friday, April 21st. Drexel Hamilton increased their price objective on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price objective on shares of Corning in a research report on Wednesday, April 26th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $33.00 price objective (up previously from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus price target of $27.81.
In other news, insider Lewis A. Steverson sold 30,000 shares of the company’s 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 sale, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Insiders have sold a total of 387,700 shares of company stock worth $11,389,405 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.
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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