Swiss National Bank Buys 18,200 Shares of Corning Incorporated (GLW)
Swiss National Bank boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,388,712 shares of the electronics maker’s stock after acquiring an additional 18,200 shares during the quarter. Swiss National Bank owned about 0.38% of Corning worth $101,831,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the business. Bronfman E.L. Rothschild L.P. lifted its position in Corning by 26.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 8,897 shares of the electronics maker’s stock worth $267,000 after acquiring an additional 1,863 shares during the period. Evanston Investments Inc. dba Evanston Advisors acquired a new stake in Corning during the 2nd quarter worth approximately $7,889,000. Chicago Equity Partners LLC lifted its position in Corning by 546.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 173,105 shares of the electronics maker’s stock worth $5,202,000 after acquiring an additional 146,320 shares during the period. Commerce Bank lifted its position in Corning by 72.2% during the 2nd quarter. Commerce Bank now owns 86,015 shares of the electronics maker’s stock worth $2,584,000 after acquiring an additional 36,052 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Corning by 16.0% during the 2nd quarter. Principal Financial Group Inc. now owns 1,520,112 shares of the electronics maker’s stock worth $45,679,000 after acquiring an additional 209,796 shares during the period. 71.35% of the stock is owned by institutional investors.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the sale, the insider now directly owns 72,039 shares in the company, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 over the last three months. Corporate insiders own 0.59% of the company’s stock.
GLW has been the subject of a number of recent research reports. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Drexel Hamilton reaffirmed a “sell” rating on shares of Corning in a research report on Monday, June 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 price objective (up from $26.00) on shares of Corning in a research report on Monday, June 19th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective for the company in a research report on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $28.21.
Corning Incorporated (GLW) opened at 29.15 on Wednesday. The company’s 50-day moving average price is $29.06 and its 200 day moving average price is $28.80. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The firm has a market capitalization of $26.33 billion, a PE ratio of 13.02 and a beta of 1.40.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the company posted $0.37 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
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).
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Stock Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related stocks with our FREE daily email newsletter.