Corning Incorporated (GLW) Stake Decreased by Hussman Strategic Advisors Inc.
Hussman Strategic Advisors Inc. lowered its stake in Corning Incorporated (NYSE:GLW) by 28.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 253,000 shares of the electronics maker’s stock after selling 100,000 shares during the period. Corning accounts for approximately 1.7% of Hussman Strategic Advisors Inc.’s holdings, making the stock its 5th largest position. Hussman Strategic Advisors Inc.’s holdings in Corning were worth $7,603,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of GLW. AT Bancorp bought a new stake in shares of Corning during the second quarter valued at $184,000. Hodges Capital Management Inc. bought a new stake in shares of Corning during the second quarter valued at $288,000. Beach Investment Management LLC. bought a new stake in shares of Corning during the second quarter valued at $261,000. Palladium Partners LLC increased its stake in shares of Corning by 1.5% in the second quarter. Palladium Partners LLC now owns 24,996 shares of the electronics maker’s stock valued at $751,000 after buying an additional 375 shares in the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in shares of Corning by 288.0% in the second quarter. Chicago Partners Investment Group LLC now owns 41,790 shares of the electronics maker’s stock valued at $1,138,000 after buying an additional 31,019 shares in the last quarter. 73.87% of the stock is owned by hedge funds and other institutional investors.
Corning Incorporated (GLW) opened at 28.66 on Friday. The stock has a 50 day moving average price of $29.78 and a 200-day moving average price of $28.67. The stock has a market cap of $25.89 billion, a PE ratio of 12.80 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 posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company earned $0.37 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post $1.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.16%. Corning’s dividend payout ratio is currently 27.93%.
Several equities research analysts recently weighed in on the company. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a report on Saturday. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 price target on shares of Corning in a report on Thursday. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Finally, Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued 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 an average price target of $28.21.
In other news, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was 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 owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 347,963 shares of company stock worth $10,209,969 over the last 90 days. 0.59% of the stock is 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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