Corning Incorporated (GLW) Stake Increased by Spirit of America Management Corp NY
Spirit of America Management Corp NY lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,600 shares of the electronics maker’s stock after buying an additional 2,400 shares during the quarter. Spirit of America Management Corp NY’s holdings in Corning were worth $659,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. GLG Partners LP acquired a new stake in shares of Corning during the 2nd quarter worth approximately $102,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the period. MPS Loria Financial Planners LLC acquired a new stake in shares of Corning during the 2nd quarter worth approximately $112,000. IHT Wealth Management LLC grew its position in shares of Corning by 13.4% during the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after buying an additional 485 shares during the period. Finally, Harfst & Associates Inc. grew its position 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 buying an additional 1,481 shares during the period. 72.12% of the stock is owned by institutional investors.
Corning Incorporated (NYSE GLW) opened at $34.83 on Thursday. Corning Incorporated has a twelve month low of $24.25 and a twelve month high of $35.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. The stock has a market capitalization of $30,270.00, a price-to-earnings ratio of 14.82, a P/E/G ratio of 2.81 and a beta of 1.33.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the business earned $0.42 EPS. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts predict that Corning Incorporated will post 1.7 earnings per share for the current year.
In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the transaction, the director now owns 88,946 shares in the company, valued at $2,810,693.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 348,320 shares of company stock worth $10,996,824. Company insiders own 0.59% of the company’s stock.
GLW has been the subject of several recent analyst reports. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Thursday, September 21st. Jefferies Group reiterated a “hold” rating and issued a $29.50 target price on shares of Corning in a report on Friday, October 6th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Deutsche Bank increased their target price on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Two equities 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 given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $30.48.
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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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