Keel Point LLC Has $484,000 Stake in Corning Incorporated (GLW)

Keel Point LLC cut its position in Corning Incorporated (NYSE:GLW) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,923 shares of the electronics maker’s stock after selling 1,000 shares during the period. Keel Point LLC’s holdings in Corning were worth $484,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Central Bank & Trust Co. increased its position 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 last quarter. 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 valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter valued at about $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter valued at about $122,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter valued at about $136,000. 73.87% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Corning Incorporated (NYSE:GLW) traded up 0.04% during trading on Friday, hitting $27.88. 5,178,017 shares of the stock were exchanged. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The stock has a market cap of $25.18 billion, a P/E ratio of 12.45 and a beta of 1.40. The firm’s 50 day moving average price is $30.00 and its 200-day moving average price is $28.60.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 EPS. On average, analysts predict that Corning Incorporated will post $1.71 EPS for the current year.

The firm also recently disclosed 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. This represents a $0.62 annualized dividend and a dividend 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 equities research analysts have recently issued reports on GLW shares. Drexel Hamilton raised their price target on Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a research note on Monday, July 10th. Guggenheim reiterated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday. Deutsche Bank AG restated a “buy” rating and set a $33.00 price target (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Finally, Jefferies Group LLC raised their price target on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research note on Friday, April 28th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.08.

In other news, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the transaction, the insider now owns 72,707 shares in the company, valued at approximately $2,153,581.34. The sale was disclosed in a document filed 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 that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the sale, the chief executive officer now directly 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 a total of 357,700 shares of company stock worth $10,519,405 in the last quarter. Company insiders own 0.59% of the company’s stock.

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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