Seelaus Asset Management LLC Has $994,000 Position in Corning Incorporated (GLW)
Seelaus Asset Management LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 16.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 30,020 shares of the electronics maker’s stock after selling 5,710 shares during the quarter. Seelaus Asset Management LLC’s holdings in Corning were worth $994,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Corning by 4.0% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 266,135 shares of the electronics maker’s stock valued at $8,040,000 after buying an additional 10,215 shares during the period. Smith Graham & Co. Investment Advisors LP increased its stake in shares of Corning by 1.0% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock worth $5,330,000 after purchasing an additional 1,560 shares in the last quarter. Coastline Trust Co increased its stake in shares of Corning by 1.0% in the 4th quarter. Coastline Trust Co now owns 60,372 shares of the electronics maker’s stock worth $1,824,000 after purchasing an additional 592 shares in the last quarter. Putnam FL Investment Management Co. increased its stake in shares of Corning by 9.8% in the 4th quarter. Putnam FL Investment Management Co. now owns 6,759 shares of the electronics maker’s stock worth $204,000 after purchasing an additional 605 shares in the last quarter. Finally, Vivaldi Capital Management LLC purchased a new stake in shares of Corning in the 4th quarter worth $372,000. 71.80% of the stock is currently owned by hedge funds and other institutional investors.
In other Corning news, VP Eric S. Musser sold 33,023 shares of the stock in a transaction on Friday, February 15th. The stock was sold at an average price of $34.29, for a total value of $1,132,358.67. Following the completion of the sale, the vice president now owns 61,944 shares in the company, valued at approximately $2,124,059.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David L. Morse sold 36,664 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $35.00, for a total value of $1,283,240.00. Following the completion of the sale, the vice president now owns 47,527 shares of the company’s stock, valued at approximately $1,663,445. The disclosure for this sale can be found here. Insiders sold a total of 293,066 shares of company stock valued at $9,959,108 in the last quarter. 0.46% of the stock is currently owned by company insiders.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, topping the consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the business posted $0.31 EPS. Corning’s revenue was up 12.5% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.68%. Corning’s payout ratio is presently 44.94%.
GLW has been the subject of several analyst reports. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Finally, Bank of America upgraded Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a research note on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Corning currently has a consensus rating of “Buy” and an average price target of $35.41.
COPYRIGHT VIOLATION NOTICE: “Seelaus Asset Management LLC Has $994,000 Position in Corning Incorporated (GLW)” was reported by Watch List News and is owned by of Watch List News. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.watchlistnews.com/seelaus-asset-management-llc-has-994000-position-in-corning-incorporated-glw/3011235.html.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
Read More: Different Options Trading Strategies
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.