Corning Incorporated (GLW) Position Increased by Park National Corp OH
Park National Corp OH increased its position in shares of Corning Incorporated (NYSE:GLW) by 6.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 868,186 shares of the electronics maker’s stock after buying an additional 54,118 shares during the period. Corning accounts for 1.5% of Park National Corp OH’s holdings, making the stock its 22nd biggest position. Park National Corp OH owned about 0.10% of Corning worth $25,976,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in GLW. GLG Partners LP purchased a new stake in Corning during the second quarter worth $102,000. Jacobus Wealth Management Inc. purchased a new stake in Corning during the first quarter worth $108,000. MPS Loria Financial Planners LLC purchased a new stake in Corning during the second quarter worth $112,000. Central Bank & Trust Co. boosted its holdings in 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 buying an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. boosted its holdings in 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 buying an additional 1,481 shares in the last quarter. 71.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE:GLW) traded down 0.67% during midday trading on Tuesday, hitting $29.69. 1,880,540 shares of the stock were exchanged. The firm has a market cap of $26.82 billion, a PE ratio of 13.26 and a beta of 1.38. 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 price of $29.55 and a 200 day moving average price of $29.21.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the 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 business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post $1.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is 27.93%.
A number of analysts recently issued reports on GLW shares. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a report on Wednesday, June 28th. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. Morgan Stanley reissued an “equal weight” rating and set a $29.00 price target (up from $26.00) on shares of Corning in a report on Monday, June 19th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $29.50 price target on shares of Corning in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $28.90.
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In related news, 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 completion of the transaction, the insider now owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 in the last three months. 0.59% of the stock is currently owned by corporate insiders.
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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