Corning Incorporated (GLW) Shares Bought by Thrivent Financial For Lutherans
Thrivent Financial For Lutherans raised its position in shares of Corning Incorporated (NYSE:GLW) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,870 shares of the electronics maker’s stock after buying an additional 400 shares during the period. Thrivent Financial For Lutherans’ holdings in Corning were worth $1,048,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clark Capital Management Group Inc. purchased a new position in shares of Corning during the first quarter worth $14,879,000. AXA boosted its position in shares of Corning by 7.1% during the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after buying an additional 17,315 shares during the period. Vanguard Group Inc. boosted its position in shares of Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares during the period. Amalgamated Bank boosted its position in shares of Corning by 6.1% during the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after buying an additional 3,862 shares during the period. Finally, Andra AP fonden boosted its position in shares of Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after buying an additional 5,500 shares during the period. Institutional investors and hedge funds own 71.30% of the company’s stock.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the transaction, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is currently owned by corporate insiders.
A number of research analysts recently issued reports on GLW shares. Drexel Hamilton reiterated a “sell” rating on shares of Corning in a report on Monday, June 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 target price (up from $26.00) on shares of Corning in a report on Monday, June 19th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 target price for the company in a report on Wednesday, June 28th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $27.50 target price on shares of Corning in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $28.90.
Shares of Corning Incorporated (NYSE GLW) opened at 30.09 on Friday. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The firm has a market capitalization of $27.18 billion, a PE ratio of 13.44 and a beta of 1.38. The firm has a 50-day moving average price of $29.29 and a 200-day moving average price of $29.09.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion during 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 firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 EPS. On average, analysts forecast that Corning Incorporated will post $1.69 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 2.06%. Corning’s payout ratio is currently 27.93%.
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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