Corning Incorporated (GLW) Position Lessened by Penserra Capital Management LLC
Penserra Capital Management LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 6.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,746 shares of the electronics maker’s stock after selling 2,823 shares during the period. Penserra Capital Management LLC’s holdings in Corning were worth $1,254,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Davis R M Inc. raised its position in shares of Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock worth $256,000 after buying an additional 32 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Corning by 0.3% in the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after buying an additional 33 shares in the last quarter. Wedbush Securities Inc. raised its position in shares of Corning by 0.4% in the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after buying an additional 41 shares in the last quarter. MAI Capital Management raised its position in shares of Corning by 0.6% in the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after buying an additional 95 shares in the last quarter. Finally, Global X Management Co. LLC raised its position in shares of Corning by 1.6% in the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after buying an additional 113 shares in the last quarter. Institutional investors own 71.34% of the company’s stock.
Corning Incorporated (GLW) opened at 28.54 on Friday. The company has a market capitalization of $25.78 billion, a PE ratio of 12.75 and a beta of 1.40. The stock’s 50 day moving average price is $29.14 and its 200-day moving average price is $28.77. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17.
Corning (NYSE:GLW) last posted its earnings results 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 net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm posted $0.37 EPS. The business’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.17%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
A number of equities research analysts recently issued reports on GLW shares. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research report on Tuesday, July 4th. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $27.50 price objective on shares of Corning in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average target price of $28.21.
In other news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the sale, the insider now directly owns 91,552 shares in the company, valued at approximately $2,677,896. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 transaction of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 234,871 shares of company stock worth $6,782,737. Insiders own 0.59% of the company’s stock.
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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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