First City Capital Management Inc. held its stake in shares of Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,500 shares of the electronics maker’s stock at the end of the first quarter. First City Capital Management Inc.’s holdings in Corning were worth $770,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Central Bank & Trust Co. boosted its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank increased its position 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 in the last quarter. Jacobus Wealth Management Inc. bought a new position in shares of Corning during the first quarter worth about $108,000. Clean Yield Group bought a new position in shares of Corning during the first quarter worth about $122,000. Finally, Pinnacle Bank bought a new position in shares of Corning during the first quarter worth about $136,000. Institutional investors own 74.19% of the company’s stock.
Shares of Corning Incorporated (GLW) traded up 1.44% during trading on Friday, hitting $28.98. 3,743,820 shares of the stock traded hands. The firm’s 50-day moving average price is $30.26 and its 200-day moving average price is $28.53. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The company has a market cap of $26.17 billion, a price-to-earnings ratio of 12.94 and a beta of 1.40.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the company posted $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.14%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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Several equities analysts have weighed in on GLW shares. Drexel Hamilton raised their target price on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a report on Wednesday, April 26th. Deutsche Bank AG reiterated 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 upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $29.00 price target on shares of Corning in a report on Wednesday, April 26th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Friday, April 21st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $27.81.
In related news, 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 value of $870,000.00. Following the transaction, the insider now owns 3,859 shares in the company, valued at $111,911. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 387,700 shares of company stock valued at $11,389,405. 0.59% of the stock is currently owned by corporate insiders.
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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