Chicago Partners Investment Group LLC increased its position in Corning Incorporated (NYSE:GLW) by 288.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,790 shares of the electronics maker’s stock after buying an additional 31,019 shares during the period. Chicago Partners Investment Group LLC’s holdings in Corning were worth $1,138,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of Corning by 26.6% in the first quarter. Russell Investments Group Ltd. now owns 1,058,909 shares of the electronics maker’s stock worth $28,600,000 after buying an additional 222,217 shares during the last quarter. Polaris Greystone Financial Group LLC raised its stake in shares of Corning by 0.9% in the first quarter. Polaris Greystone Financial Group LLC now owns 721,677 shares of the electronics maker’s stock valued at $19,485,000 after buying an additional 6,232 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Corning by 8.7% in the first quarter. Janney Montgomery Scott LLC now owns 407,444 shares of the electronics maker’s stock valued at $11,001,000 after buying an additional 32,593 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of Corning by 67.0% in the first quarter. Glen Harbor Capital Management LLC now owns 195,808 shares of the electronics maker’s stock valued at $5,287,000 after buying an additional 78,560 shares in the last quarter. Finally, First Citizens Bank & Trust Co. raised its stake in shares of Corning by 10.7% in the first quarter. First Citizens Bank & Trust Co. now owns 164,722 shares of the electronics maker’s stock valued at $4,448,000 after buying an additional 15,872 shares in the last quarter. 73.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) opened at 28.66 on Friday. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17. The stock’s 50 day moving average price is $29.78 and its 200-day moving average price is $28.67. The company has a market capitalization of $25.89 billion, a PE ratio of 12.80 and a beta of 1.40.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.37 earnings per share. On average, analysts expect 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 issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.16%. Corning’s payout ratio is currently 27.93%.
WARNING: This story was originally posted by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://stocknewstimes.com/2017/08/26/chicago-partners-investment-group-llc-has-1-14-million-stake-in-corning-incorporated-glw.html.
Several brokerages have recently issued reports on GLW. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price target on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $28.21.
In other news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the transaction, the insider now owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the transaction, the insider now directly owns 72,039 shares in the company, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 347,963 shares of company stock worth $10,209,969. Insiders own 0.59% of the company’s stock.
Corning Company Profile
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).
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.
