Spirit of America Management Corp NY Acquires 2,500 Shares of Corning Incorporated (NYSE:GLW)

Spirit of America Management Corp NY increased its stake in Corning Incorporated (NYSE:GLW) by 18.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,700 shares of the electronics maker’s stock after buying an additional 2,500 shares during the period. Spirit of America Management Corp NY’s holdings in Corning were worth $472,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. 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 worth $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in Corning during the first quarter valued at about $58,813,000. Janus Capital Management LLC raised its stake in 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 in the last quarter. Gotham Asset Management LLC raised its stake in 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 in the last quarter. Finally, SG Americas Securities LLC raised its stake in 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 in the last quarter. 73.87% of the stock is currently owned by institutional investors.

Corning Incorporated (NYSE GLW) traded down 3.13% during mid-day trading on Tuesday, reaching $28.49. The company’s stock had a trading volume of 12,248,730 shares. The company has a 50 day moving average of $30.19 and a 200-day moving average of $28.59. The stock has a market cap of $25.73 billion, a PE ratio of 12.72 and a beta of 1.40. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm posted $0.37 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current year.

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.

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A number of brokerages recently commented on GLW. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Goldman Sachs Group, Inc. (The) lowered Corning from a “neutral” rating to a “sell” rating and cut their price objective for the company from $29.00 to $26.00 in a report on Tuesday. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and issued a $29.50 price objective on shares of Corning in a report on Thursday, July 27th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.61.

In related news, CEO Wendell P. Weeks sold 153,500 shares of the business’s 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 transaction, the chief executive officer now 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 is available through this link. Also, insider Lewis A. Steverson sold 30,000 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the transaction, the insider now owns 3,859 shares in the company, valued at approximately $111,911. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 387,700 shares of company stock valued at $11,389,405. 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).