Daiwa Securities Group Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 29.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 101,100 shares of the electronics maker’s stock after selling 41,600 shares during the period. Daiwa Securities Group Inc.’s holdings in Corning were worth $3,038,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in GLW. Central Bank & Trust Co. boosted its position in shares of 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 last quarter. Coconut Grove Bank boosted its position in shares of 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 last quarter. Jacobus Wealth Management Inc. acquired a new position in shares of Corning during the first quarter worth approximately $108,000. Clean Yield Group acquired a new position in shares of Corning during the first quarter worth approximately $122,000. Finally, Grove Bank & Trust boosted its position in shares of Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the last quarter. 73.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of Corning Incorporated (NYSE:GLW) opened at 28.19 on Tuesday. The stock has a market capitalization of $25.46 billion, a price-to-earnings ratio of 12.59 and a beta of 1.40. The firm’s 50 day moving average is $29.95 and its 200 day moving average is $28.64. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business posted $0.37 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The company also recently announced 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 of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.20%. Corning’s dividend payout ratio is currently 27.93%.
A number of equities analysts have recently commented on the stock. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and cut their target price for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a report on Thursday, July 13th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average target price of $28.08.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at $2,270,265. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Clappin sold 106,983 shares of the firm’s 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 transaction, the insider now directly 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 301,200 shares of company stock valued at $8,875,820 in the last ninety days. Company 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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