Corning Incorporated (GLW) Position Raised by Sun Life Financial INC
Sun Life Financial INC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 47,914.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,722 shares of the electronics maker’s stock after purchasing an additional 6,708 shares during the quarter. Sun Life Financial INC’s holdings in Corning were worth $202,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of GLW. Parkside Financial Bank & Trust boosted its holdings in Corning by 0.3% in the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after purchasing an additional 33 shares in the last quarter. Wedbush Securities Inc. increased its stake in Corning by 0.4% in the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after purchasing an additional 41 shares during the last quarter. MAI Capital Management raised its holdings in Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after purchasing an additional 95 shares in the last quarter. Global X Management Co. LLC raised its holdings in Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after purchasing an additional 113 shares in the last quarter. Finally, Capital Investment Counsel Inc raised its holdings in Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after purchasing an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded up 0.050% during trading on Monday, reaching $29.935. 878,188 shares of the company’s stock traded hands. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The company has a market capitalization of $27.04 billion, a price-to-earnings ratio of 13.370 and a beta of 1.38. The company has a 50 day moving average of $28.89 and a 200-day moving average of $28.87.
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. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the business posted $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post $1.70 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were given a dividend of $0.155 per share. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.07%. Corning’s dividend payout ratio is currently 27.93%.
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In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly 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 have sold 127,888 shares of company stock valued at $3,653,485 in the last 90 days. Insiders own 0.59% of the company’s stock.
Several analysts have recently weighed in on the stock. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research 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 for the company in a report on Wednesday, June 28th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, August 15th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $29.00 target price (up from $26.00) on shares of Corning in a research report on Monday, June 19th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a research note on Thursday, July 27th. Two 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. Corning has a consensus rating of “Hold” and a consensus 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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