ICM Asset Management Inc. WA cut its position in shares of Corning Inc. (NYSE:GLW) by 30.8% during the second quarter, Holdings Channel reports. The firm owned 77,800 shares of the company’s stock after selling 34,685 shares during the period. Corning comprises approximately 2.3% of ICM Asset Management Inc. WA’s holdings, making the stock its 14th largest position. ICM Asset Management Inc. WA’s holdings in Corning were worth $1,593,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Whittier Trust Co. raised 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 during the period. First Manhattan Co. raised 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 during the period. Zions Bancorporation raised 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 during the period. Invictus RG raised 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 during the period. Finally, Stone Ridge Asset Management LLC purchased a new position in Corning during the first quarter worth about $201,000. Institutional investors own 73.65% of the company’s stock.
Corning Inc. (NYSE:GLW) traded up 0.77% during trading on Tuesday, reaching $23.61. 8,022,230 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $23.09 and its 200-day moving average price is $21.36. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.96. The company has a market capitalization of $24.48 billion, a price-to-earnings ratio of 13.01 and a beta of 1.33.
Corning (NYSE:GLW) last released its 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. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts expect that Corning Inc. will post $1.42 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 paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.29%. The ex-dividend date is Tuesday, November 15th. Corning’s payout ratio is 29.51%.
GLW has been the topic of several recent analyst reports. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a report on Monday, October 3rd. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a report on Friday, August 26th. Citigroup Inc. increased their price objective on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Vetr lowered shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price objective on the stock. in a report on Thursday, July 7th. Finally, Susquehanna reiterated 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. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Corning currently has a consensus rating of “Hold” and an average target price of C$21.98.
In other Corning news, insider David L. Morse sold 18,000 shares of the stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total value of C$423,000.00. Following the completion of the sale, the insider now directly owns 61,629 shares in the company, valued at C$1,448,281.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the sale, the chief executive officer now owns 68,250 shares of the company’s stock, valued at C$1,515,832.50. 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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