Guardian Capital Advisors LP Has $3.43 Million Stake in Corning Incorporated (GLW)
Guardian Capital Advisors LP cut its stake in Corning Incorporated (NYSE:GLW) by 9.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,405 shares of the electronics maker’s stock after selling 11,445 shares during the quarter. Guardian Capital Advisors LP’s holdings in Corning were worth $3,434,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in GLW. Clark Capital Management Group Inc. purchased a new stake in shares of Corning during the 1st quarter worth $14,879,000. AXA boosted its position in Corning by 7.1% during the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after purchasing an additional 17,315 shares in the last quarter. Vanguard Group Inc. boosted its position in Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after purchasing an additional 326,877 shares in the last quarter. Amalgamated Bank boosted its position in Corning by 6.1% during the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 3,862 shares in the last quarter. Finally, Andra AP fonden boosted its position in Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after purchasing an additional 5,500 shares in the last quarter. Institutional investors and hedge funds own 71.30% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down 0.03% on Monday, hitting $29.91. The stock had a trading volume of 801,998 shares. The firm has a market cap of $27.01 billion, a PE ratio of 13.36 and a beta of 1.38. Corning Incorporated has a 52-week low of $22.23 and a 52-week high of $32.17. The firm’s 50-day moving average price is $28.89 and its 200 day moving average price is $28.87.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) 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 company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the company posted $0.37 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Corning Incorporated will post $1.70 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, August 31st were given a $0.155 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.07%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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Several research firms have issued reports on GLW. Guggenheim reiterated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, August 15th. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and issued a $29.50 price target on shares of Corning in a report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and lowered their price target for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Two investment 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 company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $28.98.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction that occurred 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 of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the sale, the insider now owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,888 shares of company stock valued at $3,653,485. Insiders own 0.59% of the company’s stock.
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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