Corning Incorporated (GLW) Shares Bought by First Trust Advisors LP
First Trust Advisors LP boosted its position in Corning Incorporated (NYSE:GLW) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,695,851 shares of the electronics maker’s stock after buying an additional 22,505 shares during the period. First Trust Advisors LP owned approximately 0.19% of Corning worth $50,960,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in GLW. 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 in the last quarter. 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 in the last quarter. Jacobus Wealth Management Inc. bought a new position in Corning during the first quarter valued at about $108,000. Clean Yield Group bought a new position in Corning during the first quarter valued at about $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 in the last quarter. Hedge funds and other institutional investors own 71.31% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at 28.76 on Tuesday. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The stock’s 50 day moving average is $29.78 and its 200-day moving average is $28.67. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 12.85 and a beta of 1.40.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (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 business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company posted $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current fiscal 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 issued a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
Several research analysts have issued reports on GLW shares. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a report on Tuesday, July 4th. Drexel Hamilton reissued a “sell” rating and set a $17.50 target price on shares of Corning in a research note on Wednesday, July 26th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research note on Thursday, July 27th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $28.21.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares in the company, valued at $2,270,265. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 347,963 shares of company stock valued at $10,209,969 in the last 90 days. 0.59% of the stock is currently owned by corporate insiders.
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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