Corning Incorporated (GLW) Shares Sold by Bp Plc
Bp Plc decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 23.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 107,000 shares of the electronics maker’s stock after selling 33,000 shares during the period. Bp Plc’s holdings in Corning were worth $3,215,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Central Bank & Trust Co. boosted its position in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank boosted its position in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new position in Corning during the first quarter valued at $108,000. Clean Yield Group acquired a new position in Corning during the first quarter valued at $122,000. Finally, Grove Bank & Trust boosted its position in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares during the period. 73.87% of the stock is currently owned by institutional investors.
Shares of Corning Incorporated (NYSE GLW) opened at 28.66 on Friday. The company has a 50-day moving average price of $29.78 and a 200 day moving average price of $28.67. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17. The firm has a market capitalization of $25.89 billion, a price-to-earnings ratio of 12.80 and a beta of 1.40.
Corning (NYSE:GLW) last released 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 company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. Equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The firm also recently announced 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 2.16%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.
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GLW has been the subject of several recent research reports. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a research note on Wednesday, June 28th. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Corning has an average rating of “Hold” and a consensus price target of $28.21.
In other news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was 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 of the company’s stock, valued at $2,153,581.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 347,963 shares of company stock valued at $10,209,969. 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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