Kwmg LLC Buys 3,323 Shares of Corning Incorporated (GLW)
Kwmg LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 6.1% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 57,871 shares of the electronics maker’s stock after purchasing an additional 3,323 shares during the period. Kwmg LLC’s holdings in Corning were worth $1,732,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. GLG Partners LP purchased a new stake in Corning during the 2nd quarter worth about $102,000. Benjamin F. Edwards & Company Inc. increased its stake in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after acquiring an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter worth about $112,000. IHT Wealth Management LLC increased its stake in Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after acquiring an additional 485 shares during the last quarter. Finally, Central Bank & Trust Co. increased its stake in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after acquiring an additional 345 shares during the last quarter. 73.54% of the stock is currently owned by institutional investors and hedge funds.
Corning Incorporated (NYSE:GLW) traded down $0.31 on Wednesday, reaching $31.39. The company had a trading volume of 1,377,628 shares, compared to its average volume of 6,246,079. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. Corning Incorporated has a fifty-two week low of $23.30 and a fifty-two week high of $32.33. The company has a market cap of $27,514.36, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the company earned $0.42 EPS. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. equities research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.98%. Corning’s payout ratio is 26.38%.
In related news, insider Mark S. Rogus sold 9,242 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,449 shares of company stock worth $12,907,983. 0.59% of the stock is owned by corporate insiders.
A number of equities analysts have weighed in on GLW shares. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup Inc. upped their target price on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and an average target price of $29.28.
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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