Centre Asset Management LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 17.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 276,980 shares of the electronics maker’s stock after buying an additional 41,260 shares during the period. Corning comprises approximately 2.2% of Centre Asset Management LLC’s portfolio, making the stock its 15th largest position. Centre Asset Management LLC’s holdings in Corning were worth $8,323,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of GLW. BlackRock Inc. boosted its stake in 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 in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Corning during the first quarter valued at approximately $58,813,000. Janus Capital Management LLC boosted its stake 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 boosted its stake 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 boosted its stake 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. 73.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of Corning Incorporated (GLW) traded up 0.32% on Friday, reaching $27.96. 2,752,735 shares of the company were exchanged. The firm has a market capitalization of $25.25 billion, a PE ratio of 12.49 and a beta of 1.40. The company’s 50 day moving average is $30.07 and its 200 day moving average is $28.59. Corning Incorporated has a 12-month low of $22.14 and a 12-month 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 business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company posted $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Corning Incorporated will post $1.71 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 issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.22%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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GLW has been the topic of several analyst reports. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Friday, April 21st. Drexel Hamilton boosted their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $29.00 price target on shares of Corning in a research report on Wednesday, April 26th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $33.00 price target (up from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Finally, Jefferies Group LLC boosted their price target on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research report on Friday, April 28th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.08.
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 value of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares in the company, valued at $2,270,265. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the transaction, the insider now owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The disclosure for this sale can be found here. Insiders have sold 357,700 shares of company stock valued at $10,519,405 in the last 90 days. 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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