IFC Holdings Incorporated FL Acquires 30,775 Shares of Corning Incorporated (GLW)
IFC Holdings Incorporated FL raised its position in shares of Corning Incorporated (NYSE:GLW) by 205.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,727 shares of the electronics maker’s stock after buying an additional 30,775 shares during the period. IFC Holdings Incorporated FL’s holdings in Corning were worth $1,378,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its position in Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock worth $852,000 after buying an additional 4,300 shares during the period. Nationwide Fund Advisors raised its position in Corning by 10.9% in the first quarter. Nationwide Fund Advisors now owns 552,643 shares of the electronics maker’s stock worth $14,921,000 after buying an additional 54,191 shares during the period. Waldron LP raised its position in Corning by 72.6% in the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after buying an additional 6,303 shares during the period. Profund Advisors LLC raised its position in Corning by 13.1% in the first quarter. Profund Advisors LLC now owns 26,715 shares of the electronics maker’s stock worth $721,000 after buying an additional 3,096 shares during the period. Finally, ProShare Advisors LLC raised its position in Corning by 47.2% in the first quarter. ProShare Advisors LLC now owns 151,295 shares of the electronics maker’s stock worth $4,085,000 after buying an additional 48,535 shares during the period. 71.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (GLW) opened at 28.57 on Wednesday. The company’s 50-day moving average is $29.78 and its 200-day moving average is $28.67. The stock has a market cap of $25.80 billion, a P/E ratio of 12.76 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 released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the company posted $0.37 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
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A number of research analysts have weighed in on GLW shares. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reiterated a “sell” rating on shares of Corning in a report on Monday, June 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 target price (up previously from $26.00) on shares of Corning in a report on Monday, June 19th. Vetr upgraded 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, Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. 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 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, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 347,963 shares of company stock valued at $10,209,969 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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