Corning Incorporated (GLW) Shares Sold by CENTRAL TRUST Co
CENTRAL TRUST Co decreased its stake in Corning Incorporated (NYSE:GLW) by 7.4% during the second quarter, Holdings Channel reports. The fund owned 47,405 shares of the electronics maker’s stock after selling 3,775 shares during the period. CENTRAL TRUST Co’s holdings in Corning were worth $1,424,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of GLW. Davis R M Inc. raised its stake in shares of Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares during the last quarter. Peapack Gladstone Financial Corp raised its stake in shares of Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock valued at $479,000 after buying an additional 195 shares during the last quarter. Smith Moore & CO. raised its stake in shares of Corning by 1.8% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock valued at $309,000 after buying an additional 200 shares during the last quarter. Ronald Blue & Co. LLC raised its stake in shares of Corning by 2.1% in the first quarter. Ronald Blue & Co. LLC now owns 10,573 shares of the electronics maker’s stock valued at $286,000 after buying an additional 221 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of Corning by 1.8% in the first quarter. Signaturefd LLC now owns 12,871 shares of the electronics maker’s stock valued at $348,000 after buying an additional 228 shares during the last quarter. Institutional investors own 73.87% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded up 0.263% on Wednesday, reaching $28.565. 2,923,746 shares of the company traded hands. The firm has a 50-day moving average of $30.19 and a 200-day moving average of $28.60. The company has a market capitalization of $25.80 billion, a PE ratio of 12.758 and a beta of 1.40. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Zacks’ 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 analyst estimates of $2.54 billion. During the same quarter last year, the company posted $0.37 EPS. Corning’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be given a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.18%. Corning’s dividend payout ratio (DPR) is 27.93%.
Several equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley restated an “equal weight” rating and set a $29.00 target price (up from $26.00) on shares of Corning in a research report on Monday, June 19th. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $29.00 to $26.00 in a research report on Tuesday. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $33.00 target price (up from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has an average rating of “Hold” and a consensus price target of $28.08.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The disclosure for this sale can be found here. Insiders sold a total of 387,700 shares of company stock valued at $11,389,405 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.
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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