Tokio Marine Asset Management Co. Ltd. Sells 4,690 Shares of Corning Incorporated (GLW)
Tokio Marine Asset Management Co. Ltd. lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 29.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,189 shares of the electronics maker’s stock after selling 4,690 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Corning were worth $336,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS raised its position in shares of Corning by 2.3% in the second quarter. Kornitzer Capital Management Inc. KS now owns 18,860 shares of the electronics maker’s stock worth $567,000 after buying an additional 425 shares during the period. Winfield Associates Inc. acquired a new position in shares of Corning during the second quarter worth about $194,000. Great West Life Assurance Co. Can raised its position in shares of Corning by 33.8% in the second quarter. Great West Life Assurance Co. Can now owns 1,098,816 shares of the electronics maker’s stock worth $32,988,000 after buying an additional 277,842 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Corning by 0.3% in the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after buying an additional 33 shares during the period. Finally, Eagle Global Advisors LLC acquired a new position in shares of Corning during the second quarter worth about $208,000. 73.87% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE:GLW) opened at 27.88 on Monday. The stock’s 50 day moving average price is $30.00 and its 200-day moving average price is $28.60. The firm has a market cap of $25.18 billion, a P/E ratio of 12.45 and a beta of 1.40. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
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A number of equities analysts recently issued reports on GLW shares. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price objective on shares of Corning in a report on Wednesday, April 26th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price objective on shares of Corning in a report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.08.
In other news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. Insiders sold a total of 301,200 shares of company stock valued at $8,875,820 in the last three months. 0.59% of the stock is owned by company insiders.
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).
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