Community Bank N.A. increased its holdings in Corning Incorporated (NYSE:GLW) by 36.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,407 shares of the electronics maker’s stock after acquiring an additional 7,915 shares during the quarter. Community Bank N.A.’s holdings in Corning were worth $761,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Man Group plc increased its stake in Corning by 279.0% in the fourth quarter. Man Group plc now owns 138,456 shares of the electronics maker’s stock valued at $4,031,000 after purchasing an additional 101,923 shares during the period. Macquarie Group Ltd. raised its stake in Corning by 214.0% during the 4th quarter. Macquarie Group Ltd. now owns 79,535 shares of the electronics maker’s stock valued at $2,315,000 after acquiring an additional 54,204 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Corning by 175.7% during the 4th quarter. Quadrant Capital Group LLC now owns 2,958 shares of the electronics maker’s stock worth $75,000 after acquiring an additional 1,885 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Corning by 7.3% in the 1st quarter. State of Alaska Department of Revenue now owns 272,590 shares of the electronics maker’s stock valued at $5,598,000 after purchasing an additional 18,618 shares during the last quarter. Finally, IBM Retirement Fund grew its stake in shares of Corning by 45.5% in the 1st quarter. IBM Retirement Fund now owns 21,223 shares of the electronics maker’s stock valued at $436,000 after purchasing an additional 6,641 shares during the last quarter. Hedge funds and other institutional investors own 72.96% of the company’s stock.
In other Corning news, EVP Clark S. Kinlin sold 28,840 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $30.80, for a total transaction of $888,272.00. Following the completion of the transaction, the executive vice president now directly owns 80,881 shares in the company, valued at approximately $2,491,134.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of Corning stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the transaction, the insider now owns 169,128 shares of the company’s stock, valued at approximately $5,356,283.76. The disclosure for this sale can be found here. Insiders have sold a total of 186,762 shares of company stock valued at $5,812,645 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.
Shares of GLW stock traded down $0.12 during midday trading on Friday, reaching $31.00. 5,697,341 shares of the company traded hands, compared to its average volume of 5,281,600. The firm’s 50 day simple moving average is $27.43 and its two-hundred day simple moving average is $24.73. The firm has a market cap of $23.59 billion, a PE ratio of 310.03, a price-to-earnings-growth ratio of 13.89 and a beta of 1.10. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.27 and a quick ratio of 1.44. Corning Incorporated has a 1-year low of $17.44 and a 1-year high of $31.82.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.13. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. Corning’s quarterly revenue was down 11.6% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. As a group, research analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Thursday, August 27th. Corning’s dividend payout ratio is currently 50.00%.
Several equities research analysts recently weighed in on GLW shares. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $25.00 to $36.00 in a report on Thursday, July 16th. Barclays raised their target price on shares of Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Susquehanna Bancshares reiterated a “hold” rating and set a $26.00 price target on shares of Corning in a research note on Tuesday, July 28th. Morgan Stanley raised their price objective on shares of Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. Finally, Citigroup lifted their price objective on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $31.90.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
Read More: What is the Coverage Ratio?
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.