Corning Incorporated (GLW) Shares Sold by Royal Bank of Canada
Royal Bank of Canada decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,041,146 shares of the electronics maker’s stock after selling 169,550 shares during the period. Royal Bank of Canada owned about 0.34% of Corning worth $91,386,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of GLW. GLG Partners LP acquired a new position in Corning in the second quarter worth about $102,000. Sun Life Financial INC increased its holdings in Corning by 47,914.3% in the second quarter. Sun Life Financial INC now owns 6,722 shares of the electronics maker’s stock valued at $202,000 after buying an additional 6,708 shares during the last quarter. Garner Asset Management Corp bought a new stake in Corning in the second quarter valued at about $993,000. People s United Financial Inc. increased its holdings in Corning by 0.3% in the second quarter. People s United Financial Inc. now owns 141,449 shares of the electronics maker’s stock valued at $4,250,000 after buying an additional 360 shares during the last quarter. Finally, First Allied Advisory Services Inc. increased its holdings in Corning by 5.1% in the second quarter. First Allied Advisory Services Inc. now owns 36,823 shares of the electronics maker’s stock valued at $1,104,000 after buying an additional 1,786 shares during the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.
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In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction 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 in the company, valued at $3,893,220.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction 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 completion of the sale, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is currently owned by corporate insiders.
Several research analysts have recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and issued a $29.00 target price (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. BidaskClub downgraded Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and set a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) cut 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 note on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $28.98.
Shares of Corning Incorporated (GLW) traded down 0.216% during trading on Tuesday, reaching $30.095. The company had a trading volume of 629,608 shares. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The firm has a 50-day moving average of $29.09 and a 200-day moving average of $29.03. The company has a market cap of $27.18 billion, a P/E ratio of 13.441 and a beta of 1.38.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share 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 firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm earned $0.37 EPS. Corning’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post $1.70 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Thursday, August 31st were given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was 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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