Old Mutual Global Investors UK Ltd. Trims Holdings in Corning Incorporated (GLW)
Old Mutual Global Investors UK Ltd. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 91.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,993 shares of the electronics maker’s stock after selling 262,771 shares during the quarter. Old Mutual Global Investors UK Ltd.’s holdings in Corning were worth $781,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Clark Capital Management Group Inc. acquired a new stake in Corning during the 1st quarter worth approximately $14,879,000. AXA lifted its holdings in Corning by 7.1% during the 1st quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after buying an additional 17,315 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Corning by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after buying an additional 326,877 shares in the last quarter. Amalgamated Bank lifted its holdings in Corning by 6.1% during the 1st quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after buying an additional 3,862 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Corning by 15.3% during the 1st quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock worth $91,004,000 after buying an additional 446,200 shares in the last quarter. Institutional investors own 71.35% of the company’s stock.
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Corning Incorporated (NYSE GLW) opened at 29.35 on Friday. 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 $26.51 billion, a P/E ratio of 13.11 and a beta of 1.40. The company has a 50 day moving average of $28.86 and a 200-day moving average of $28.83.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. Equities research analysts anticipate that Corning Incorporated will post $1.70 EPS for the current year.
The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.11%. Corning’s dividend payout ratio is presently 27.93%.
In related news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock worth $3,653,485 over the last ninety days. 0.59% of the stock is currently owned by corporate insiders.
A number of equities research analysts have issued reports on GLW shares. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a report on Wednesday, June 28th. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Finally, Morgan Stanley reiterated 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. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average 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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