Dimensional Fund Advisors LP raised its position in shares of Corning Incorporated (NYSE:GLW) by 0.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 7,948,991 shares of the electronics maker’s stock after buying an additional 53,440 shares during the period. Dimensional Fund Advisors LP owned approximately 0.86% of Corning worth $214,656,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Central Bank & Trust Co. boosted its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank boosted its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new stake in Corning during the first quarter worth $108,000. Clean Yield Group acquired a new stake in Corning during the first quarter worth $122,000. Finally, Pinnacle Bank acquired a new stake in Corning during the first quarter worth $136,000. Institutional investors and hedge funds own 72.68% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) opened at 31.71 on Friday. The stock’s 50 day moving average price is $30.10 and its 200 day moving average price is $27.97. Corning Incorporated has a 12-month low of $20.76 and a 12-month high of $31.77. The firm has a market capitalization of $29.18 billion, a price-to-earnings ratio of 8.41 and a beta of 1.41. Corning also saw some unusual options trading on Tuesday. Stock traders purchased 12,793 call options on the company. This represents an increase of 429% compared to the typical daily volume of 2,417 call options.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Corning had a return on equity of 11.25% and a net margin of 42.69%. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same period in the previous year, the company posted $0.28 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post $1.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.96%. Corning’s payout ratio is 16.89%.
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GLW has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Friday, April 21st. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Deutsche Bank AG restated a “buy” rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research note on Wednesday, June 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.68.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at approximately $2,270,265. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 41,075 shares of the business’s stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total value of $1,168,994.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 457,433 shares of company stock worth $13,393,083. 0.59% of the stock is currently owned by corporate insiders.
About Corning
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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