Corning Incorporated (GLW) Shares Bought by Convergence Investment Partners LLC
Convergence Investment Partners LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 21.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 101,315 shares of the electronics maker’s stock after buying an additional 17,670 shares during the period. Convergence Investment Partners LLC’s holdings in Corning were worth $3,045,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of GLW. Davis R M Inc. increased its position in Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Corning by 0.3% in the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after buying an additional 33 shares during the last quarter. Wedbush Securities Inc. increased its position in Corning by 0.4% in the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after buying an additional 41 shares during the last quarter. Global X Management Co. LLC increased its position in Corning by 1.6% in the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after buying an additional 113 shares during the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock valued at $479,000 after buying an additional 195 shares during the last quarter. Institutional investors and hedge funds own 71.31% of the company’s stock.
Corning Incorporated (GLW) opened at 28.64 on Thursday. The stock has a 50 day moving average of $29.78 and a 200 day moving average of $28.67. The company has a market cap of $25.87 billion, a PE ratio of 12.79 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 data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. Equities 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. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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Several equities analysts recently commented on the company. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 price objective (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Corning presently has a consensus rating of “Hold” and an average target price of $28.21.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at $2,270,265. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now directly owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 307,246 shares of company stock worth $9,003,931. 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).
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