United Bank Inc. boosted its position in shares of Corning Incorporated (NYSE:GLW) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,448 shares of the electronics maker’s stock after buying an additional 1,984 shares during the period. United Bank Inc.’s holdings in Corning were worth $735,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of GLW. Clark Capital Management Group Inc. bought a new position in shares of Corning during the first quarter valued at approximately $14,879,000. AXA raised its stake in Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares during the last quarter. DnB Asset Management AS raised its stake in Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock valued at $2,997,000 after buying an additional 10,600 shares during the last quarter. Amalgamated Bank raised its stake in Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after buying an additional 3,862 shares during the last quarter. Finally, Swiss National Bank raised its stake in Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock valued at $91,004,000 after buying an additional 446,200 shares during the last quarter. 72.75% of the stock is owned by institutional investors and hedge funds.
Corning Incorporated (NYSE GLW) opened at 29.25 on Friday. The company has a market cap of $26.42 billion, a price-to-earnings ratio of 13.06 and a beta of 1.40. The stock’s 50 day moving average is $30.34 and its 200 day moving average is $28.34. Corning Incorporated has a 52-week low of $22.07 and a 52-week high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the firm posted $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
GLW has been the subject of several recent research reports. 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 research report on Friday, April 21st. ValuEngine upgraded shares of 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 target price (up from $30.00) on shares of Corning in a research note on Saturday, April 29th. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective on the stock in a research note on Wednesday, June 28th. Finally, BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and a consensus target price of $27.81.
In other news, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the sale, the insider now directly owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Insiders have sold 393,122 shares of company stock worth $11,547,457 over the last three months. Insiders own 0.59% of the company’s stock.
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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