SG Americas Securities LLC Decreases Position in Corning Incorporated (GLW)
SG Americas Securities LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 47.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 173,809 shares of the electronics maker’s stock after selling 155,400 shares during the period. SG Americas Securities LLC’s holdings in Corning were worth $5,223,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Clark Capital Management Group Inc. acquired a new stake in Corning during the first quarter valued at approximately $14,879,000. AXA raised its stake in Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares in the last quarter. Vanguard Group Inc. raised its stake in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares in the last quarter. Amalgamated Bank raised its stake in Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after buying an additional 3,862 shares in the last quarter. Finally, Swiss National Bank raised its stake in Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after buying an additional 446,200 shares in the last quarter. Institutional investors and hedge funds own 71.31% of the company’s stock.
Corning Incorporated (NYSE:GLW) opened at 28.91 on Friday. The firm has a market capitalization of $26.11 billion, a price-to-earnings ratio of 12.91 and a beta of 1.40. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17. The stock has a 50 day moving average of $29.52 and a 200 day moving average of $28.74.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. Equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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A number of analysts recently issued reports on the stock. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 target price on shares of Corning in a research report on Thursday, August 24th. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, August 15th. Jefferies Group LLC restated a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently 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 business’s stock in a transaction on Monday, June 5th. The shares were 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 owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction 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 completion of the sale, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Insiders sold a total of 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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