Russell Investments Group Ltd. decreased its stake in Corning Incorporated (NYSE:GLW) by 17.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,112,090 shares of the electronics maker’s stock after selling 434,642 shares during the period. Russell Investments Group Ltd. owned 0.26% of Corning worth $57,960,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Bank of Montreal Can acquired a new stake in Corning during the 2nd quarter worth $30,286,000. Benedict Financial Advisors Inc. lifted its stake in shares of Corning by 21.1% in the 2nd quarter. Benedict Financial Advisors Inc. now owns 26,404 shares of the electronics maker’s stock worth $726,000 after acquiring an additional 4,595 shares during the period. North Star Investment Management Corp. acquired a new stake in shares of Corning in the 2nd quarter worth $324,000. Financial Counselors Inc. lifted its stake in shares of Corning by 29.4% in the 2nd quarter. Financial Counselors Inc. now owns 215,423 shares of the electronics maker’s stock worth $5,926,000 after acquiring an additional 48,968 shares during the period. Finally, Johnson Financial Group Inc. lifted its stake in shares of Corning by 4.7% in the 2nd quarter. Johnson Financial Group Inc. now owns 112,368 shares of the electronics maker’s stock worth $3,091,000 after acquiring an additional 5,095 shares during the period. Institutional investors and hedge funds own 71.12% of the company’s stock.
Shares of GLW opened at $33.02 on Friday. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $26.52 billion, a PE ratio of 19.20, a P/E/G ratio of 2.31 and a beta of 1.40. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $35.10.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. equities research analysts forecast that Corning Incorporated will post 1.73 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.18%. Corning’s dividend payout ratio is presently 41.86%.
GLW has been the subject of several recent analyst reports. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, April 24th. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Thursday, April 26th. JPMorgan Chase & Co. initiated coverage on shares of Corning in a research note on Thursday, May 3rd. They issued a “neutral” rating and a $33.00 target price for the company. Finally, Morgan Stanley upgraded shares of Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 31st. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Corning currently has a consensus rating of “Buy” and a consensus price target of $33.68.
In other news, CEO Wendell P. Weeks sold 224,884 shares of the stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the completion of the transaction, the chief executive officer now owns 111,835 shares in the company, valued at approximately $3,210,782.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 237,470 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The disclosure for this sale can be found here. Insiders sold a total of 612,264 shares of company stock valued at $19,079,432 in the last quarter. Insiders own 0.46% of the company’s stock.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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