ICM Asset Management Inc. WA lowered its position in Corning Incorporated (NYSE:GLW) by 5.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,265 shares of the electronics maker’s stock after selling 3,565 shares during the period. Corning comprises approximately 2.3% of ICM Asset Management Inc. WA’s investment portfolio, making the stock its 12th largest position. ICM Asset Management Inc. WA’s holdings in Corning were worth $1,841,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Corning during the first quarter valued at about $58,813,000. Janus Capital Management LLC raised its position in shares of Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after buying an additional 2,127,260 shares during the period. Gotham Asset Management LLC raised its position in shares of Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock valued at $46,380,000 after buying an additional 1,708,208 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock valued at $8,889,000 after buying an additional 1,510,245 shares during the period. 74.19% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded up 1.44% during midday trading on Friday, reaching $28.98. 3,743,820 shares of the company’s stock traded hands. The stock has a 50 day moving average of $30.26 and a 200-day moving average of $28.53. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The stock has a market cap of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the company earned $0.37 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
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Several brokerages have recently issued reports on GLW. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Jefferies Group LLC reissued a “hold” rating and issued a $29.50 price target on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Thursday, July 27th. Finally, Drexel Hamilton reissued a “sell” rating on shares of Corning in a report on Monday, June 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $27.81.
In other news, CEO Wendell P. Weeks sold 153,500 shares of Corning stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the transaction, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lisa Ferrero sold 56,500 shares of Corning stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the transaction, the insider now owns 16,808 shares of the company’s stock, valued at $488,944.72. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock valued at $11,389,405 over the last quarter. Corporate insiders own 0.59% of the company’s stock.
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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