Sei Investments Co. Has $13.44 Million Position in Corning Incorporated (GLW)
Sei Investments Co. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 6.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 447,343 shares of the electronics maker’s stock after selling 30,717 shares during the period. Sei Investments Co.’s holdings in Corning were worth $13,442,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. BlackRock Inc. increased its position in 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. Wedge Capital Management L L P NC acquired a new position in Corning during the first quarter worth $58,813,000. Janus Capital Management LLC increased its position in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares during the period. Gotham Asset Management LLC increased its position in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the period. Finally, SG Americas Securities LLC increased its position in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the period. 73.87% of the stock is owned by institutional investors and hedge funds.
Shares of Corning Incorporated (NYSE:GLW) opened at 28.48 on Thursday. The stock’s 50 day moving average is $29.86 and its 200-day moving average is $28.65. The firm has a market cap of $25.72 billion, a PE ratio of 12.72 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 EPS. Analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.18%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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GLW has been the subject of a number of analyst reports. Drexel Hamilton raised their target price on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 target price (up previously from $30.00) on shares of Corning in a research report on Saturday, April 29th. Vetr raised 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 report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Corning in a research report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average price target of $28.08.
In related news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares in the company, valued at approximately $2,677,896. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were 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 owns 76,750 shares of the company’s stock, valued at $2,270,265. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 301,200 shares of company stock valued at $8,875,820. 0.59% of the stock is currently owned by corporate 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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