Shufro Rose & Co. LLC Reduces Position in Corning Incorporated (GLW)
Shufro Rose & Co. LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,556,342 shares of the electronics maker’s stock after selling 104,317 shares during the period. Corning makes up approximately 5.0% of Shufro Rose & Co. LLC’s holdings, making the stock its largest position. Shufro Rose & Co. LLC owned about 0.17% of Corning worth $46,768,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Clark Capital Management Group Inc. purchased a new position in Corning during the first quarter worth about $14,879,000. AXA increased its position in 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 period. Vanguard Group Inc. increased its position in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares during the period. Amalgamated Bank increased its position in 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 period. Finally, Swiss National Bank increased its position in 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 period. Institutional investors own 71.31% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 28.64 on Thursday. The stock has a market capitalization of $25.87 billion, a PE ratio of 12.79 and a beta of 1.40. The company’s 50 day moving average price is $29.78 and its 200 day moving average price is $28.67. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.
Corning (NYSE:GLW) last posted 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 business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The business’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 EPS for the current year.
The company also recently announced 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. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is currently 27.93%.
A number of equities analysts have issued reports on the company. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 price objective (up previously from $26.00) on shares of Corning in a report on Monday, June 19th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $27.50 price objective on shares of Corning in a report on Friday, July 14th. 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 given a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus price target of $28.21.
In other news, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now owns 91,552 shares in the company, valued at $2,677,896. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 307,246 shares of company stock worth $9,003,931 in the last quarter. 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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