Corning Incorporated (GLW) Position Held by Optimum Investment Advisors
Optimum Investment Advisors continued to hold its stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,866 shares of the electronics maker’s stock at the end of the second quarter. Optimum Investment Advisors’ holdings in Corning were worth $236,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. GLG Partners LP acquired a new stake in shares of Corning during the second quarter valued at about $102,000. Jacobus Wealth Management Inc. bought a new stake in shares of Corning during the first quarter worth about $108,000. Central Bank & Trust Co. grew its holdings in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the last quarter. Harfst & Associates Inc. grew its holdings in shares of Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on GLW shares. Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research note on Monday, July 10th. Two 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. The stock presently has a consensus rating of “Hold” and an average target price of $28.98.
Shares of Corning Incorporated (NYSE GLW) traded up 0.214% during midday trading on Wednesday, reaching $30.375. The company’s stock had a trading volume of 609,031 shares. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The company’s 50-day moving average price is $29.11 and its 200 day moving average price is $29.06. The company has a market capitalization of $27.43 billion, a P/E ratio of 13.566 and a beta of 1.38.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm earned $0.37 EPS. The company’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
In related news, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $2,055,272.67. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 value of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have 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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