Corning Incorporated (GLW) Stake Lowered by Ledyard National Bank
Ledyard National Bank decreased its position in Corning Incorporated (NYSE:GLW) by 30.9% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 12,200 shares of the electronics maker’s stock after selling 5,460 shares during the period. Ledyard National Bank’s holdings in Corning were worth $367,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Clark Capital Management Group Inc. acquired a new stake in shares of Corning during the first quarter worth approximately $14,879,000. AXA boosted its stake in shares of Corning by 7.1% in 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 last quarter. Amalgamated Bank boosted its stake in shares of Corning by 6.1% in 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 last quarter. DnB Asset Management AS boosted its stake in shares of Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock worth $2,997,000 after buying an additional 10,600 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock worth $91,004,000 after buying an additional 446,200 shares during the last quarter. 73.87% of the stock is currently owned by institutional investors and hedge funds.
Corning Incorporated (NYSE GLW) traded down 3.145% on Tuesday, reaching $28.485. 5,496,442 shares of the company’s stock were exchanged. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The firm’s 50 day moving average is $30.24 and its 200 day moving average is $28.58. The stock has a market capitalization of $25.73 billion, a P/E ratio of 12.722 and a beta of 1.40.
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 Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. Analysts expect that Corning Incorporated will post $1.71 EPS for the current 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 paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.11%. Corning’s dividend payout ratio is currently 27.93%.
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GLW has been the topic of a number of research reports. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price objective on shares of Corning in a research note on Wednesday, April 26th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Two 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 assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $27.81.
In related news, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $29.00, for a total value of $870,000.00. Following the transaction, the insider now owns 3,859 shares of the company’s stock, valued at approximately $111,911. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. Insiders sold a total of 387,700 shares of company stock worth $11,389,405 in the last three months. 0.59% of the stock is currently 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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