Markston International LLC cut its position in shares of Corning Inc. (NYSE:GLW) by 9.7% during the second quarter, Holdings Channel reports. The firm owned 101,600 shares of the company’s stock after selling 10,968 shares during the period. Markston International LLC’s holdings in Corning were worth $2,080,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in GLW. Advisor Partners LLC raised its stake in shares of Corning by 17.3% in the first quarter. Advisor Partners LLC now owns 19,131 shares of the company’s stock worth $400,000 after buying an additional 2,828 shares during the period. Bessemer Group Inc. raised its stake in shares of Corning by 25,835.5% in the first quarter. Bessemer Group Inc. now owns 4,713,519 shares of the company’s stock worth $98,466,000 after buying an additional 4,695,345 shares during the period. Shufro Rose & Co. LLC raised its stake in shares of Corning by 3.0% in the first quarter. Shufro Rose & Co. LLC now owns 1,756,661 shares of the company’s stock worth $36,697,000 after buying an additional 51,952 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in shares of Corning during the first quarter worth $51,758,000. Finally, Sentry Investment Management LLC raised its stake in shares of Corning by 0.8% in the first quarter. Sentry Investment Management LLC now owns 90,039 shares of the company’s stock worth $1,881,000 after buying an additional 758 shares during the period. Institutional investors own 73.63% of the company’s stock.
Corning Inc. (NYSE:GLW) traded down 0.47% during midday trading on Thursday, reaching $23.52. The company’s stock had a trading volume of 7,643,236 shares. The firm has a 50 day moving average of $22.79 and a 200 day moving average of $21.04. The firm has a market cap of $24.39 billion, a P/E ratio of 12.96 and a beta of 1.44. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.78.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. Analysts anticipate that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.135 per share. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a yield of 2.30%. Corning’s dividend payout ratio is currently 29.51%.
A number of brokerages have recently weighed in on GLW. Susquehanna restated a “positive” rating and issued a $27.00 target price (up from $25.00) on shares of Corning in a research note on Wednesday. Bank of America Corp. reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a research report on Wednesday, September 21st. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. lifted their price objective on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Finally, Vetr lowered Corning from a “hold” rating to a “sell” rating and set a $21.30 price objective for the company. in a research report on Thursday, July 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of C$21.98.
In other Corning news, VP Martin J. Curran sold 9,000 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of C$21.86, for a total value of C$196,740.00. Following the transaction, the vice president now owns 25,052 shares in the company, valued at C$547,636.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Martin J. Curran sold 54,416 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of C$22.87, for a total value of C$1,244,493.92. Following the completion of the transaction, the vice president now owns 32,115 shares in the company, valued at approximately C$734,470.05. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Corning Company Profile
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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