Corning Incorporated (GLW) Stake Increased by State of Wisconsin Investment Board
State of Wisconsin Investment Board raised its position in Corning Incorporated (NYSE:GLW) by 9.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,063,517 shares of the electronics maker’s stock after buying an additional 93,187 shares during the period. State of Wisconsin Investment Board owned 0.12% of Corning worth $31,959,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. Davis R M Inc. raised its stake in Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock worth $256,000 after buying an additional 32 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Corning by 0.3% in the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after buying an additional 33 shares during the last quarter. Wedbush Securities Inc. raised its stake in Corning by 0.4% in the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after buying an additional 41 shares during the last quarter. Global X Management Co. LLC raised its stake in Corning by 1.6% in the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after buying an additional 113 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its stake in Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock worth $479,000 after buying an additional 195 shares during the last quarter. Institutional investors and hedge funds own 71.31% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) opened at 28.76 on Friday. The company’s 50-day moving average price is $29.57 and its 200-day moving average price is $28.73. The company has a market cap of $25.98 billion, a P/E ratio of 12.85 and a beta of 1.40. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the business earned $0.37 EPS. Corning’s revenue was up 6.1% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.16%. Corning’s dividend payout ratio (DPR) is 27.93%.
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A number of analysts have weighed in on the company. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and set a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.21.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 388,371 shares of company stock worth $11,323,267. 0.59% of the stock is owned by company 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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