Veritable L.P. Buys 7,069 Shares of Corning Incorporated (GLW)
Veritable L.P. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 13.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 60,896 shares of the electronics maker’s stock after acquiring an additional 7,069 shares during the quarter. Veritable L.P.’s holdings in Corning were worth $1,830,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after acquiring an additional 965,976 shares during the period. BlackRock Inc. grew its stake in shares of Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after acquiring an additional 971,936 shares during the period. LSV Asset Management grew its stake in shares of Corning by 1.3% during the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after acquiring an additional 165,214 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Corning by 12.8% during the 1st quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after acquiring an additional 1,071,544 shares during the period. Institutional investors own 71.30% of the company’s stock.
In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning 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 sale, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction that occurred on Tuesday, August 29th. The stock was 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 directly 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 ninety days. Corporate insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 29.92 on Friday. The stock’s 50 day moving average price is $28.89 and its 200 day moving average price is $28.87. The stock has a market capitalization of $27.02 billion, a PE ratio of 13.36 and a beta of 1.40. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. Equities research analysts predict that Corning Incorporated will post $1.70 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.
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A number of research analysts recently issued reports on the company. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, September 21st. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price objective on shares of Corning in a research note on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and cut their price objective for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and an average price target of $28.98.
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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