BlackRock Advisors LLC lowered its position in shares of Corning Inc. (NYSE:GLW) by 5.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 631,492 shares of the company’s stock after selling 35,984 shares during the period. BlackRock Advisors LLC owned 0.06% of Corning worth $12,933,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Lumbard & Kellner LLC boosted its position in shares of Corning by 0.9% in the first quarter. Lumbard & Kellner LLC now owns 232,331 shares of the company’s stock worth $4,853,000 after buying an additional 2,065 shares in the last quarter. Associated Banc Corp boosted its position in shares of Corning by 0.3% in the first quarter. Associated Banc Corp now owns 162,090 shares of the company’s stock worth $3,386,000 after buying an additional 463 shares in the last quarter. Ropes Wealth Advisors LLC boosted its position in shares of Corning by 160.1% in the first quarter. Ropes Wealth Advisors LLC now owns 23,705 shares of the company’s stock worth $495,000 after buying an additional 14,592 shares in the last quarter. LVW Advisors LLC purchased a new position in shares of Corning during the first quarter worth $203,000. Finally, Picton Mahoney Asset Management purchased a new position in shares of Corning during the first quarter worth $10,998,000. Hedge funds and other institutional investors own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) opened at 23.80 on Thursday. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.89. The company has a market capitalization of $24.68 billion, a P/E ratio of 13.11 and a beta of 1.34. The firm has a 50-day moving average price of $22.89 and a 200 day moving average price of $21.18.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. The business had revenue of $2.36 billion for 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 revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. On average, equities research analysts predict that Corning Inc. will post $1.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.27%. Corning’s dividend payout ratio (DPR) is presently 29.51%.
A number of brokerages recently weighed in on GLW. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a report on Monday. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a report on Monday. Susquehanna reissued a “positive” rating and set a $27.00 price objective (up from $25.00) on shares of Corning in a report on Wednesday, September 28th. Bank of America Corp. reissued a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a report on Friday, August 26th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. Corning currently has a consensus rating of “Hold” and an average price target of C$21.98.
In other news, insider James P. Clappin sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$22.00, for a total value of C$330,000.00. Following the completion of the sale, the insider now owns 81,589 shares of the company’s stock, valued at approximately C$1,794,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Eric S. Musser sold 56,853 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the completion of the sale, the vice president now directly owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The disclosure for this sale can be found here. Company 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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