River Road Asset Management LLC Sells 79,372 Shares of Corning Incorporated (GLW)
River Road Asset Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,288,180 shares of the electronics maker’s stock after selling 79,372 shares during the period. Corning makes up approximately 1.9% of River Road Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. River Road Asset Management LLC owned 0.36% of Corning worth $98,810,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Corning during the first quarter worth $58,813,000. Janus Capital Management LLC increased its holdings in shares of Corning by 60.3% during the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares in the last quarter. Gotham Asset Management LLC increased its holdings in shares of Corning by 17,844.0% during the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Corning by 127.9% during the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares in the last quarter. Institutional investors and hedge funds own 71.35% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 28.54 on Monday. The company has a market cap of $25.78 billion, a PE ratio of 12.75 and a beta of 1.40. The firm’s 50-day moving average is $29.14 and its 200-day moving average is $28.77. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Corning Incorporated will post $1.71 earnings per share for the current 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 given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction dated 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 transaction, the vice president now 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 234,871 shares of company stock worth $6,782,737 in the last 90 days. Corporate insiders own 0.59% of the company’s stock.
Several research analysts have recently issued reports on the stock. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price target on shares of Corning in a report on Thursday, August 24th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Two equities research 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 a consensus rating of “Hold” and a consensus target price of $28.21.
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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