Corning Incorporated (GLW) Shares Sold by Ingalls & Snyder LLC
Ingalls & Snyder LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 7.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,715 shares of the electronics maker’s stock after selling 3,048 shares during the period. Ingalls & Snyder LLC’s holdings in Corning were worth $1,010,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in shares of Corning during the second quarter worth $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 worth $156,693,000 after purchasing an additional 1,057,746 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Corning by 20.2% during the second quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock worth $161,450,000 after purchasing an additional 986,397 shares during the last quarter. Criterion Capital Management LLC purchased a new position in shares of Corning during the first quarter worth $26,256,000. Finally, 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 worth $1,522,963,000 after purchasing an additional 803,539 shares during the last quarter. 70.33% of the stock is owned by institutional investors and hedge funds.
GLW has been the subject of several recent research reports. JPMorgan Chase & Co. initiated 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. Guggenheim set a $35.00 target price on shares of Corning and gave the stock a “buy” rating in a report on Thursday, May 10th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, May 22nd. Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 31st. Finally, Goldman Sachs Group raised shares of Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price for the company in a report on Wednesday, June 20th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $33.65.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business earned $0.42 earnings per share. research analysts predict that Corning Incorporated will post 1.73 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.15%. Corning’s dividend payout ratio is presently 41.86%.
In related news, CEO Wendell P. Weeks sold 224,884 shares of the firm’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $28.71, for a total transaction of $6,456,419.64. Following the sale, the chief executive officer now owns 111,835 shares in the company, valued at $3,210,782.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David L. Morse sold 33,000 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $28.81, for a total transaction of $950,730.00. Following the sale, the insider now owns 46,953 shares in the company, valued at approximately $1,352,715.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 631,489 shares of company stock worth $19,722,718. 0.46% of the stock is owned by company insiders.
Corning Company Profile
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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