Waverton Investment Management Ltd Buys 921 Shares of Corning Incorporated (NYSE:GLW)
Waverton Investment Management Ltd raised its stake in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,142 shares of the electronics maker’s stock after buying an additional 921 shares during the period. Waverton Investment Management Ltd’s holdings in Corning were worth $756,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of GLW. Vanguard Group Inc. increased its position in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the period. BlackRock Inc. increased its position in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the period. Geode Capital Management LLC increased its position in shares of Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after buying an additional 1,071,544 shares during the period. Morgan Stanley increased its position in shares of Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock valued at $236,202,000 after buying an additional 1,456,304 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock valued at $214,656,000 after buying an additional 53,440 shares during the period. Institutional investors own 74.19% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down 1.686% during mid-day trading on Thursday, reaching $28.865. The company had a trading volume of 2,006,844 shares. The stock has a market capitalization of $26.07 billion, a P/E ratio of 12.892 and a beta of 1.40. The company’s 50-day moving average is $30.31 and its 200 day moving average is $28.50. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.
Corning (NYSE:GLW) last announced its 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. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. Analysts anticipate that Corning Incorporated will post $1.71 EPS for the current fiscal 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 $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.11%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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GLW has been the subject of several analyst reports. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reiterated a “hold” rating and issued a $26.00 price target on shares of Corning in a report on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Finally, Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $27.81.
In related news, insider Lisa Ferrero sold 56,500 shares of Corning stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total value of $1,643,585.00. Following the transaction, the insider now owns 16,808 shares in the company, valued at approximately $488,944.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction on Friday, May 19th. The stock was sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the transaction, the insider now owns 3,859 shares in the company, valued at approximately $111,911. 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 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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