Corning Incorporated (GLW) Stake Lessened by Valueworks LLC
Valueworks LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,532 shares of the electronics maker’s stock after selling 3,626 shares during the period. Corning comprises approximately 5.5% of Valueworks LLC’s holdings, making the stock its 5th largest position. Valueworks LLC’s holdings in Corning were worth $7,378,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of GLW. Parkside Financial Bank & Trust boosted its holdings in Corning by 0.3% in the 2nd 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 period. Wedbush Securities Inc. boosted its holdings in Corning by 0.4% in the 2nd 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 period. MAI Capital Management boosted its holdings in Corning by 0.6% in the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after buying an additional 95 shares during the period. Global X Management Co. LLC boosted its holdings in Corning by 1.6% in the 2nd 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 period. Finally, Capital Investment Counsel Inc boosted its holdings in Corning by 0.3% in the 2nd quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after buying an additional 137 shares during the period. 71.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded down 1.18% during mid-day trading on Friday, reaching $30.09. 4,632,920 shares of the company’s stock traded hands. The company has a market cap of $27.18 billion, a P/E ratio of 13.44 and a beta of 1.38. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The company’s 50 day moving average is $29.29 and its 200 day moving average is $29.09.
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 Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business earned $0.37 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post $1.69 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. Corning’s dividend payout ratio (DPR) is 27.93%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the completion of the transaction, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,888 shares of company stock worth $3,653,485. Company insiders own 0.59% of the company’s stock.
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Several brokerages recently weighed in on GLW. Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.50 target price on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised shares of 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. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $28.90.
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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