Oppenheimer & Co. Inc. reduced its position in Corning Incorporated (NYSE:GLW) by 2.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 196,755 shares of the electronics maker’s stock after selling 4,370 shares during the period. Oppenheimer & Co. Inc.’s holdings in Corning were worth $5,313,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of GLW. Vanguard Group Inc. increased its stake in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares during the period. BlackRock Inc. increased its stake in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the period. Geode Capital Management LLC increased its stake in shares of Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after buying an additional 1,071,544 shares during the period. Morgan Stanley increased its stake in shares of Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock worth $236,202,000 after buying an additional 1,456,304 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock worth $214,656,000 after buying an additional 53,440 shares during the period. Institutional investors own 73.87% of the company’s stock.
Shares of Corning Incorporated (GLW) traded up 0.04% on Friday, hitting $27.88. The stock had a trading volume of 5,178,017 shares. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The stock has a market cap of $25.18 billion, a PE ratio of 12.45 and a beta of 1.40. The company has a 50 day moving average price of $30.00 and a 200-day moving average price of $28.60.
Corning (NYSE:GLW) last announced its earnings results 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. The firm 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 was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. On average, equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.22%. Corning’s payout ratio is 27.93%.
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A number of equities research analysts recently issued reports on GLW shares. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price objective on shares of Corning in a research report on Wednesday, April 26th. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Corning currently has a consensus rating of “Hold” and a consensus price target of $28.08.
In related news, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the transaction, the insider now directly owns 16,808 shares in the company, valued at approximately $488,944.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Insiders have sold a total of 357,700 shares of company stock worth $10,519,405 over the last quarter. 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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