Dupont Capital Management Corp Cuts Position in Corning Incorporated (GLW)
Dupont Capital Management Corp cut its position in shares of Corning Incorporated (NYSE:GLW) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 361,095 shares of the electronics maker’s stock after selling 12,022 shares during the period. Dupont Capital Management Corp’s holdings in Corning were worth $10,851,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Macquarie Group Ltd. raised its position in shares of Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock worth $852,000 after buying an additional 4,300 shares in the last quarter. Waldron LP raised its position in shares of Corning by 72.6% in the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after buying an additional 6,303 shares in the last quarter. Profund Advisors LLC raised its position in Corning by 13.1% in the first quarter. Profund Advisors LLC now owns 26,715 shares of the electronics maker’s stock worth $721,000 after buying an additional 3,096 shares during the period. ProShare Advisors LLC raised its position in Corning by 47.2% in the first quarter. ProShare Advisors LLC now owns 151,295 shares of the electronics maker’s stock worth $4,085,000 after buying an additional 48,535 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Corning by 26.6% in the first quarter. Russell Investments Group Ltd. now owns 1,058,909 shares of the electronics maker’s stock worth $28,600,000 after buying an additional 222,217 shares during the period. 71.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) opened at 28.76 on Friday. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17. The firm has a market cap of $25.98 billion, a P/E ratio of 12.85 and a beta of 1.40. The company has a 50-day moving average of $29.57 and a 200 day moving average of $28.73.
Corning (NYSE:GLW) last announced its quarterly earnings data 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 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 quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
A number of research firms have weighed in on GLW. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 target price (up from $26.00) on shares of Corning in a research note on Monday, June 19th. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Corning presently has a consensus rating of “Hold” and an average target price of $28.21.
In related news, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold 388,371 shares of company stock worth $11,323,267 in the last three months. 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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