Sandy Spring Bank Has $2.10 Million Stake in Corning Incorporated (GLW)
Sandy Spring Bank lessened its position in Corning Incorporated (NYSE:GLW) by 19.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,474 shares of the electronics maker’s stock after selling 18,764 shares during the period. Sandy Spring Bank’s holdings in Corning were worth $2,104,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can purchased a new position in shares of Corning during the second quarter valued at approximately $30,286,000. Levin Capital Strategies L.P. raised its holdings in shares of Corning by 23.2% during the first quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock valued at $156,693,000 after purchasing an additional 1,057,746 shares during the last quarter. Criterion Capital Management LLC purchased a new position in shares of Corning during the first quarter valued at approximately $26,256,000. BlackRock Inc. raised its holdings in shares of Corning by 1.5% during the first quarter. BlackRock Inc. now owns 54,625,668 shares of the electronics maker’s stock valued at $1,522,963,000 after purchasing an additional 803,539 shares during the last quarter. Finally, Gateway Investment Advisers LLC purchased a new position in shares of Corning during the second quarter valued at approximately $21,384,000. Hedge funds and other institutional investors own 71.75% of the company’s stock.
GLW has been the subject of several research reports. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a report on Tuesday, April 24th. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Thursday, April 26th. JPMorgan Chase & Co. started coverage on shares of Corning in a report on Thursday, May 3rd. They set a “neutral” rating and a $33.00 target price for the company. Finally, Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 31st. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $33.68.
Shares of GLW stock opened at $33.06 on Wednesday. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $35.10. The company has a market cap of $26.60 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 2.32 and a beta of 1.40. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the company earned $0.42 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. research analysts predict that Corning Incorporated will post 1.73 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.18%. Corning’s dividend payout ratio is currently 41.86%.
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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