First City Capital Management Inc. Maintains Position in Corning Incorporated (GLW)

First City Capital Management Inc. maintained its position in shares of Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GLW. Highland Capital Management LLC purchased a new stake in shares of Corning during the first quarter worth $3,984,000. Baker Boyer National Bank bought a new stake in shares of Corning during the first quarter valued at approximately $220,000. Murphy Capital Management Inc. bought a new stake in shares of Corning during the first quarter valued at approximately $281,000. Legacy Private Trust Co. raised its stake in shares of Corning by 2.7% in the first quarter. Legacy Private Trust Co. now owns 50,760 shares of the electronics maker’s stock valued at $1,371,000 after buying an additional 1,320 shares in the last quarter. Finally, Carroll Financial Associates Inc. increased its position in shares of Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock valued at $150,000 after buying an additional 413 shares during the last quarter. 73.87% of the stock is owned by institutional investors.

Shares of Corning Incorporated (GLW) opened at 27.88 on Friday. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The firm’s 50-day moving average is $30.00 and its 200 day moving average is $28.60. The stock has a market capitalization of $25.18 billion, a P/E ratio of 12.45 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 for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. On average, analysts expect that Corning Incorporated will post $1.71 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is presently 27.93%.

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Several brokerages have issued reports on GLW. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and lowered their target price for the company from $29.00 to $26.00 in a report on Tuesday. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a report on Thursday, July 27th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $29.50 price objective on shares of Corning in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Corning currently has a consensus rating of “Hold” and a consensus price target of $28.08.

In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares in the company, valued at $2,153,581.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 153,500 shares of the 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 of the company’s stock, valued at $2,270,265. The disclosure for this sale can be found here. Insiders sold 357,700 shares of company stock worth $10,519,405 over the last ninety days. 0.59% of the stock is currently owned by insiders.

About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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