Assenagon Asset Management S.A. continued to hold its stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,000 shares of the electronics maker’s stock at the end of the second quarter. Assenagon Asset Management S.A.’s holdings in Corning were worth $962,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of the stock. 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. bought a new stake in shares of Corning during the first quarter worth about $108,000. Clean Yield Group bought a new stake in shares of Corning during the first quarter worth about $122,000. Finally, Pinnacle Bank bought a new stake in shares of Corning during the first quarter worth about $136,000. Institutional investors and hedge funds own 74.19% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) opened at 28.98 on Friday. The stock has a market cap of $26.17 billion, a price-to-earnings ratio of 12.94 and a beta of 1.40. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17. The stock’s 50 day moving average price is $30.26 and its 200 day moving average price is $28.53.
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, beating the 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 company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Corning’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 annualized dividend and a yield of 2.14%. Corning’s dividend payout ratio is presently 27.93%.
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A number of research firms have recently commented on GLW. Stifel Nicolaus reaffirmed a “hold” rating and set a $28.00 target price on shares of Corning in a research note on Wednesday, April 19th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research note on Monday, July 10th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $33.00 target price (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.81.
In other Corning news, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total value of $1,643,585.00. Following the completion of the transaction, the insider now owns 16,808 shares in the company, valued at $488,944.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lewis A. Steverson sold 30,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the completion of the sale, the insider now directly owns 3,859 shares of the company’s stock, valued at $111,911. The disclosure for this sale can be found here. Insiders sold 387,700 shares of company stock valued at $11,389,405 in the last 90 days. 0.59% of the stock is currently owned by 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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