Point72 Asia Hong Kong Ltd reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 39.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,132 shares of the electronics maker’s stock after selling 2,639 shares during the period. Point72 Asia Hong Kong Ltd’s holdings in Corning were worth $112,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of GLW. Highland Capital Management LLC acquired a new position in shares of Corning during the first quarter valued at approximately $3,984,000. Baker Boyer National Bank purchased a new stake in shares of Corning during the first quarter worth $220,000. Murphy Capital Management Inc. purchased a new stake in shares of Corning during the first quarter worth $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 worth $1,371,000 after buying an additional 1,320 shares during the last quarter. Finally, Carroll Financial Associates Inc. raised its stake 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 worth $150,000 after buying an additional 413 shares during the last quarter. 73.87% of the stock is owned by institutional investors.
Corning Incorporated (NYSE GLW) opened at 27.88 on Friday. The firm has a market cap of $25.18 billion, a price-to-earnings ratio of 12.45 and a beta of 1.40. The company’s 50-day moving average is $30.00 and its 200 day moving average is $28.60. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm posted $0.37 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio is 27.93%.
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Several brokerages recently commented on GLW. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and cut their price target for the stock from $29.00 to $26.00 in a research note on Tuesday. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research 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 reaffirmed a “hold” rating and issued a $29.50 target price on shares of Corning in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus target price of $28.08.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total value of $4,540,530.00. Following the transaction, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 357,700 shares of company stock worth $10,519,405. Insiders own 0.59% of the company’s stock.
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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