Union Bankshares Corp Boosts Position in Corning Inc. (GLW)
Union Bankshares Corp raised its stake in shares of Corning Inc. (NYSE:GLW) by 0.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,676 shares of the company’s stock after buying an additional 508 shares during the period. Union Bankshares Corp’s holdings in Corning were worth $2,830,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC raised its stake in Corning by 0.6% in the second quarter. Chicago Partners Investment Group LLC now owns 10,581 shares of the company’s stock valued at $217,000 after buying an additional 68 shares during the last quarter. City Holding Co. increased its position in shares of Corning by 1.2% in the third quarter. City Holding Co. now owns 9,448 shares of the company’s stock worth $223,000 after buying an additional 110 shares during the period. Patten & Patten Inc. TN increased its position in shares of Corning by 1.3% in the second quarter. Patten & Patten Inc. TN now owns 11,061 shares of the company’s stock worth $227,000 after buying an additional 139 shares during the period. Point View Wealth Management Inc. increased its position in shares of Corning by 1.5% in the second quarter. Point View Wealth Management Inc. now owns 10,445 shares of the company’s stock worth $214,000 after buying an additional 150 shares during the period. Finally, Whittier Trust Co. increased its position in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares during the period. 75.83% of the stock is owned by hedge funds and other institutional investors.
Corning Inc. (NYSE:GLW) traded down 0.12% during mid-day trading on Tuesday, reaching $24.17. The company had a trading volume of 5,566,123 shares. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $24.42. The stock has a market capitalization of $22.99 billion, a price-to-earnings ratio of 12.32 and a beta of 1.32. The stock has a 50 day moving average of $23.39 and a 200 day moving average of $22.10.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the company earned $0.34 earnings per share. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts anticipate that Corning Inc. will post $1.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is currently 27.84%.
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A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Tuesday. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Tuesday, November 15th. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $27.00 price objective on shares of Corning in a research note on Wednesday, November 2nd. Deutsche Bank AG boosted their price objective on Corning from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. Finally, Drexel Hamilton restated a “sell” rating and issued a $14.50 price target on shares of Corning in a research note on Tuesday, October 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Corning presently has an average rating of “Hold” and a consensus price target of $22.91.
In other Corning news, VP Martin J. Curran sold 54,416 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $22.87, for a total value of $1,244,493.92. Following the sale, the vice president now directly owns 32,115 shares of the company’s stock, valued at $734,470.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Edward A. Schlesinger sold 6,252 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $23.57, for a total value of $147,359.64. Following the completion of the sale, the vice president now directly owns 31,264 shares in the company, valued at $736,892.48. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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