First Midwest Bank Trust Division Buys 17,236 Shares of Corning Incorporated (GLW)
First Midwest Bank Trust Division increased its position in shares of Corning Incorporated (NYSE:GLW) by 50.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,659 shares of the electronics maker’s stock after buying an additional 17,236 shares during the period. First Midwest Bank Trust Division’s holdings in Corning were worth $1,552,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Telemus Capital LLC raised its position in Corning by 12.0% in the first quarter. Telemus Capital LLC now owns 36,209 shares of the electronics maker’s stock worth $978,000 after buying an additional 3,880 shares during the period. Howe & Rusling Inc. raised its position in Corning by 7.6% in the first quarter. Howe & Rusling Inc. now owns 7,656 shares of the electronics maker’s stock worth $207,000 after buying an additional 543 shares during the period. Pinnacle Bank bought a new position in Corning during the first quarter worth about $136,000. First National Bank & Trust Co. of Newtown raised its position in Corning by 2.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 65,806 shares of the electronics maker’s stock worth $1,777,000 after buying an additional 1,740 shares during the period. Finally, Atria Investments LLC raised its position in Corning by 26.2% in the first quarter. Atria Investments LLC now owns 26,984 shares of the electronics maker’s stock worth $729,000 after buying an additional 5,596 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Corning Incorporated (GLW) traded up 1.488% during mid-day trading on Friday, hitting $28.995. The stock had a trading volume of 2,065,642 shares. The firm has a market cap of $26.19 billion, a PE ratio of 12.950 and a beta of 1.40. The company has a 50-day moving average of $30.28 and a 200-day moving average of $28.50. 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 EPS for the quarter, topping the 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 analysts’ expectations of $2.54 billion. During the same quarter last year, the company posted $0.37 earnings per share. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given 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 dividend yield of 2.17%. Corning’s payout ratio is 27.93%.
A number of research firms recently issued reports on GLW. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and issued a $27.50 target price on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr upgraded 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. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $27.81.
In other news, insider Lisa Ferrero sold 56,500 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the transaction, the insider now owns 16,808 shares of the company’s stock, valued at $488,944.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lewis A. Steverson sold 30,000 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $29.00, for a total transaction of $870,000.00. Following the transaction, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock worth $11,389,405 in the last ninety days. Corporate insiders own 0.59% of the company’s stock.
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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