Aviva PLC Lowers Stake in Corning Incorporated (GLW)
Aviva PLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 2.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 425,327 shares of the electronics maker’s stock after selling 10,496 shares during the quarter. Aviva PLC owned 0.05% of Corning worth $11,701,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of GLW. Institutional & Family Asset Management LLC acquired a new position in shares of Corning during the first quarter worth approximately $101,000. Founders Capital Management acquired a new position in shares of Corning during the second quarter worth approximately $105,000. Private Capital Group LLC raised its position in shares of Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after purchasing an additional 3,683 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the period. Finally, Bray Capital Advisors acquired a new position in shares of Corning during the first quarter worth approximately $132,000. 71.75% of the stock is currently owned by institutional investors.
A number of equities analysts have recently weighed in on the company. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price on the stock in a research report on Wednesday, June 20th. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Monday. Guggenheim reissued a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. Finally, Morgan Stanley increased their price target on Corning from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Thursday, July 26th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Corning has an average rating of “Buy” and a consensus target price of $33.68.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. equities analysts expect that Corning Incorporated will post 1.73 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.19%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
In other Corning news, insider R Tony Tripeny sold 67,659 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $33.00, for a total value of $2,232,747.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 224,884 shares of the company’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the completion of the transaction, the chief executive officer now owns 111,835 shares of the company’s stock, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. Insiders sold a total of 612,264 shares of company stock valued at $19,079,432 in the last 90 days. Corporate insiders own 0.46% of the company’s stock.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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