Macquarie Group Ltd. continued to hold its stake in Corning Inc. (NYSE:GLW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,800 shares of the company’s stock at the end of the second quarter. Macquarie Group Ltd.’s holdings in Corning were worth $631,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. increased its stake in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock worth $49,806,000 after buying an additional 1,360,200 shares in the last quarter. Nationwide Fund Advisors increased its stake in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock worth $11,641,000 after buying an additional 167,983 shares in the last quarter. Royal Bank of Canada increased its stake in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares in the last quarter. Motley Fool Wealth Management LLC increased its stake in Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI increased its stake in Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock worth $6,427,000 after buying an additional 97,387 shares in the last quarter. Institutional investors and hedge funds own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) opened at 23.00 on Tuesday. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.23. The company’s 50-day moving average price is $22.75 and its 200 day moving average price is $20.99. The stock has a market cap of $23.85 billion, a price-to-earnings ratio of 12.67 and a beta of 1.44.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the company earned $0.38 earnings per share. Corning’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts predict that Corning Inc. will post $1.42 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.35%. The ex-dividend date is Monday, August 29th. Corning’s payout ratio is currently 29.51%.
GLW has been the subject of a number of recent research reports. Bank of America Corp. reiterated a “sell” rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, September 21st. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Citigroup Inc. boosted their price objective on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Vetr downgraded Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price objective for the company. in a research note on Monday, June 6th. Finally, Standpoint Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of C$21.45.
In other Corning news, insider R Tony Tripeny sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of C$22.27, for a total value of C$167,025.00. Following the sale, the insider now directly owns 48,221 shares of the company’s stock, valued at C$1,073,881.67. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the sale, the vice president now directly owns 25,052 shares in the company, valued at C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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