Blair William & Co. IL Raises Holdings in Corning Incorporated (GLW)
Blair William & Co. IL grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 171,814 shares of the electronics maker’s stock after purchasing an additional 8,291 shares during the period. Blair William & Co. IL’s holdings in Corning were worth $5,163,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Central Bank & Trust Co. raised its holdings in shares of Corning by 515.2% during the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 3,282 shares during the period. Coconut Grove Bank raised its holdings in shares of Corning by 92.8% during the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after purchasing an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth $122,000. Finally, Grove Bank & Trust raised its holdings in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the period. 71.34% of the stock is currently owned by institutional investors.
A number of brokerages have weighed in on GLW. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $29.00 target price (up from $26.00) on shares of Corning in a report on Monday, June 19th. BidaskClub cut shares of Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and set a $27.50 target price on shares of Corning in a report on Friday, July 14th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $28.21.
Corning Incorporated (NYSE:GLW) opened at 28.91 on Monday. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The firm’s 50-day moving average is $29.52 and its 200 day moving average is $28.74. The firm has a market cap of $26.11 billion, a PE ratio of 12.91 and a beta of 1.40.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping 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 return on equity of 11.67% and a net margin of 24.16%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.37 EPS. On average, equities analysts forecast 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. Shareholders 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 annualized dividend and a yield of 2.14%. Corning’s dividend payout ratio is currently 27.93%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the business’s 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 completion of the transaction, the insider now directly owns 72,039 shares in the company, valued at approximately $2,055,272.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 234,871 shares of company stock valued at $6,782,737 over the last three months. Company 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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