San Francisco Sentry Investment Group CA lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 68.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,496 shares of the electronics maker’s stock after selling 3,284 shares during the quarter. San Francisco Sentry Investment Group CA’s holdings in Corning were worth $50,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in shares of Corning by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock valued at $254,263,000 after buying an additional 190,145 shares in the last quarter. Geode Capital Management LLC raised its position in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock valued at $325,210,000 after purchasing an additional 874,576 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Corning by 19.0% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 7,939 shares of the electronics maker’s stock valued at $263,000 after purchasing an additional 1,270 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Corning by 43.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 150,510 shares of the electronics maker’s stock valued at $4,982,000 after purchasing an additional 45,705 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in Corning by 31.9% during the first quarter. Quadrant Capital Group LLC now owns 1,854 shares of the electronics maker’s stock valued at $53,000 after purchasing an additional 448 shares in the last quarter. Institutional investors and hedge funds own 71.05% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.88 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.87%. Corning’s dividend payout ratio is presently 44.94%.
GLW has been the subject of several research analyst reports. Barclays initiated coverage on shares of Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective for the company. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Tuesday, August 6th. Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 target price (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. Finally, ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Corning has a consensus rating of “Buy” and a consensus price target of $34.73.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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