Sheaff Brock Investment Advisors LLC Purchases 1,010 Shares of Corning Incorporated (GLW)
Sheaff Brock Investment Advisors LLC raised its position in Corning Incorporated (NYSE:GLW) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,659 shares of the electronics maker’s stock after acquiring an additional 1,010 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Corning were worth $1,733,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the 1st quarter worth approximately $108,000. Clean Yield Group purchased a new stake in shares of Corning during the 1st quarter worth approximately $122,000. Central Bank & Trust Co. lifted its position in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the last quarter. Finally, AT Bancorp purchased a new stake in shares of Corning during the 2nd quarter worth approximately $184,000. Institutional investors own 71.35% of the company’s stock.
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In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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. Insiders sold 127,888 shares of company stock worth $3,653,485 over the last quarter. 0.59% of the stock is currently owned by company insiders.
Several brokerages have recently weighed in on GLW. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research report on Thursday, July 27th. Two 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 issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $28.21.
Corning Incorporated (GLW) opened at 29.35 on Friday. The firm has a 50-day moving average of $28.86 and a 200 day moving average of $28.83. The firm has a market capitalization of $26.51 billion, a PE ratio of 13.11 and a beta of 1.40. Corning Incorporated has a 52 week low of $22.23 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. Analysts predict that Corning Incorporated will post $1.70 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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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