Corning Incorporated (GLW) Shares Sold by Greenwood Gearhart Inc.
Greenwood Gearhart Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 0.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 204,097 shares of the electronics maker’s stock after selling 75 shares during the period. Corning comprises 2.3% of Greenwood Gearhart Inc.’s portfolio, making the stock its 17th largest position. Greenwood Gearhart Inc.’s holdings in Corning were worth $6,133,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Colony Group LLC raised its position in shares of Corning by 0.5% during the 2nd quarter. Colony Group LLC now owns 142,560 shares of the electronics maker’s stock worth $4,284,000 after purchasing an additional 771 shares during the period. Nomura Holdings Inc. raised its position in shares of Corning by 42.9% during the 2nd quarter. Nomura Holdings Inc. now owns 88,464 shares of the electronics maker’s stock worth $2,659,000 after purchasing an additional 26,561 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Corning by 32.0% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 171,774 shares of the electronics maker’s stock worth $5,162,000 after purchasing an additional 41,624 shares during the period. 361 Capital LLC raised its position in shares of Corning by 0.4% during the 2nd quarter. 361 Capital LLC now owns 178,500 shares of the electronics maker’s stock worth $5,364,000 after purchasing an additional 784 shares during the period. Finally, IHT Wealth Management LLC raised its position in shares of Corning by 13.4% during the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after purchasing an additional 485 shares during the period. 71.30% of the stock is currently owned by institutional investors.
A number of analysts have recently weighed in on the company. Goldman Sachs Group, Inc. (The) cut Corning from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $28.90.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. 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 firm earned $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 2.07%. Corning’s dividend payout ratio is presently 27.93%.
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In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s 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 directly owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 over the last ninety days. 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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