Granite Investment Advisors LLC Cuts Position in Corning Incorporated (GLW)
Granite Investment Advisors LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 5.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 11,375 shares of the electronics maker’s stock after selling 669 shares during the period. Granite Investment Advisors LLC’s holdings in Corning were worth $365,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Central Bank & Trust Co. boosted its position in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank boosted its position in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. purchased a new position in shares of Corning during the first quarter worth $108,000. Clean Yield Group purchased a new position in shares of Corning during the first quarter worth $122,000. Finally, Grove Bank & Trust boosted its position in shares of Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares in the last quarter. 71.31% of the stock is currently owned by institutional investors.
Shares of Corning Incorporated (GLW) opened at 28.57 on Wednesday. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The company has a market capitalization of $25.80 billion, a price-to-earnings ratio of 12.76 and a beta of 1.40. The stock has a 50 day moving average price of $29.78 and a 200-day moving average price of $28.67.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.37 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. Analysts expect 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. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
A number of equities analysts recently weighed in on the company. Goldman Sachs Group, Inc. (The) cut Corning from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Monday, July 10th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $28.21.
In other news, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction 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 sale, the insider now owns 91,552 shares of the company’s stock, valued at $2,677,896. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total value of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold 347,963 shares of company stock worth $10,209,969 in the last ninety days. Corporate insiders own 0.59% of the company’s stock.
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).
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Stock Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related stocks with our FREE daily email newsletter.