Rock Point Advisors LLC lowered its position in Corning Inc. (NYSE:GLW) by 18.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 267,283 shares of the company’s stock after selling 58,620 shares during the period. Corning makes up approximately 2.9% of Rock Point Advisors LLC’s holdings, making the stock its 11th largest position. Rock Point Advisors LLC’s holdings in Corning were worth $5,474,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its position in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares in the last quarter. First Manhattan Co. boosted its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares in the last quarter. Zions Bancorporation boosted its position in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares in the last quarter. Invictus RG boosted its position in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new position in Corning during the first quarter worth about $201,000. Institutional investors and hedge funds own 73.65% of the company’s stock.
Corning Inc. (NYSE:GLW) traded up 0.17% on Monday, hitting $23.43. 5,821,220 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $23.09 and a 200-day moving average price of $21.36. The stock has a market cap of $24.29 billion, a P/E ratio of 12.91 and a beta of 1.33. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.96.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. The firm earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 EPS. Analysts predict that Corning Inc. will post $1.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.30%. Corning’s payout ratio is 29.51%.
GLW has been the subject of a number of research analyst reports. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. upped their price target on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Vetr cut shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price target for the company. in a research report on Thursday, July 7th. Finally, Susquehanna restated a “positive” rating and issued a $27.00 price target (up from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Four investment 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. The stock presently has a consensus rating of “Hold” and an average target price of C$21.98.
In related news, VP Eric S. Musser sold 56,853 shares of Corning stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares of the company’s stock, valued at C$574,752.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Martin J. Curran sold 9,000 shares of Corning stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the completion of the transaction, 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 currently owned by corporate insiders.
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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