WealthTrust Axiom LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 6.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 224,988 shares of the electronics maker’s stock after selling 14,544 shares during the period. Corning makes up about 2.5% of WealthTrust Axiom LLC’s investment portfolio, making the stock its 5th largest position. WealthTrust Axiom LLC’s holdings in Corning were worth $6,760,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Central Bank & Trust Co. increased its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank increased its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. bought a new stake in Corning during the first quarter valued at about $108,000. Clean Yield Group bought a new stake in Corning during the first quarter valued at about $122,000. Finally, Grove Bank & Trust increased its stake in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares in the last quarter. Institutional investors and hedge funds own 73.87% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at 28.66 on Friday. The company has a market cap of $25.89 billion, a PE ratio of 12.80 and a beta of 1.40. The company has a 50-day moving average price of $29.78 and a 200-day moving average price of $28.67. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ 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 net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. On average, analysts expect that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.
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Several research firms have issued reports on GLW. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and a consensus target price of $28.21.
In other news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Over the last three months, 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).
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