Fulton Bank N.A. lowered its position in Corning Incorporated (NYSE:GLW) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 28,308 shares of the electronics maker’s stock after selling 54 shares during the period. Fulton Bank N.A.’s holdings in Corning were worth $850,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in GLW. Central Bank & Trust Co. increased its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank increased its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth about $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth about $122,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter worth about $136,000. 74.19% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE:GLW) traded down 1.686% during trading on Thursday, reaching $28.865. The company had a trading volume of 2,008,627 shares. Corning Incorporated has a 52-week low of $22.07 and a 52-week high of $32.17. The stock has a market capitalization of $26.07 billion, a price-to-earnings ratio of 12.892 and a beta of 1.40. The stock has a 50 day moving average of $30.31 and a 200 day moving average of $28.50.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the company posted $0.37 earnings per share. Corning’s revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post $1.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.11%. Corning’s dividend payout ratio is currently 27.93%.
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GLW has been the subject of a number of recent analyst reports. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Friday, April 21st. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $33.00 price target (up from $30.00) on shares of Corning in a report on Saturday, April 29th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a report on Wednesday, June 28th. Finally, BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Corning has a consensus rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the transaction, the insider now owns 91,552 shares of the company’s stock, valued at $2,677,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lewis A. Steverson sold 30,000 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the transaction, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The disclosure for this sale can be found here. Insiders sold 387,700 shares of company stock worth $11,389,405 in the last three months. 0.59% of the stock is currently owned by corporate insiders.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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