Campbell Newman Asset Management Inc. Continues to Hold Position in Corning Incorporated (GLW)
Campbell Newman Asset Management Inc. maintained its stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,143 shares of the electronics maker’s stock at the end of the 2nd quarter. Campbell Newman Asset Management Inc.’s holdings in Corning were worth $2,348,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Jacobus Wealth Management Inc. bought a new stake in shares of Corning in the 1st quarter worth approximately $108,000. Clean Yield Group bought a new stake in shares of Corning in the 1st quarter worth approximately $122,000. Central Bank & Trust Co. lifted its holdings in shares of Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after acquiring an additional 345 shares during the last quarter. Grove Bank & Trust lifted its holdings in shares of Corning by 31.7% in the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after acquiring an additional 1,265 shares during the last quarter. Finally, AT Bancorp bought a new stake in shares of Corning in the 2nd quarter worth approximately $184,000. Institutional investors and hedge funds own 71.35% of the company’s stock.
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In other news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The sale 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 firm’s stock in a transaction on Tuesday, August 29th. The shares were 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 in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,888 shares of company stock valued at $3,653,485. Corporate insiders own 0.59% of the company’s stock.
A number of equities research analysts have recently weighed in on GLW shares. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Drexel Hamilton restated a “sell” rating on shares of Corning in a report on Monday, June 19th. Morgan Stanley restated an “equal weight” rating and issued a $29.00 price objective (up from $26.00) on shares of Corning in a report on Monday, June 19th. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective for the company in a report on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning has a consensus rating of “Hold” and an average target price of $28.21.
Shares of Corning Incorporated (GLW) opened at 29.20 on Thursday. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The stock has a market capitalization of $26.37 billion, a P/E ratio of 13.04 and a beta of 1.40. The stock has a 50 day moving average of $28.98 and a 200-day moving average of $28.81.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.54 billion. During the same period last year, the company earned $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post $1.70 EPS 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 given a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. 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).
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