Northwestern Mutual Wealth Management Co. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 5.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,463 shares of the electronics maker’s stock after selling 3,035 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Corning were worth $1,333,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Institutional & Family Asset Management LLC acquired a new position in Corning in the first quarter valued at approximately $101,000. Founders Capital Management acquired a new position in Corning in the second quarter valued at approximately $105,000. Private Capital Group LLC lifted its holdings in Corning by 1,455.7% in the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after buying an additional 3,683 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after buying an additional 4,584 shares during the period. Finally, Smithfield Trust Co. lifted its holdings in Corning by 55.0% in the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock valued at $157,000 after buying an additional 2,028 shares during the period. 70.33% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $33.66, for a total transaction of $33,660.00. Following the sale, the vice president now directly owns 60,403 shares in the company, valued at $2,033,164.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 224,884 shares of the firm’s stock in a transaction on Friday, June 8th. The stock was sold at an average price of $28.71, for a total transaction of $6,456,419.64. Following the sale, the chief executive officer now owns 111,835 shares in the company, valued at $3,210,782.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 631,489 shares of company stock worth $19,722,718. Company insiders own 0.46% of the company’s stock.
GLW opened at $33.32 on Thursday. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $27.14 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 2.36 and a beta of 1.35. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $35.10.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates 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 for the quarter was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. research analysts predict that Corning Incorporated will post 1.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
Several equities analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 26th. Morgan Stanley increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Wednesday, August 8th. Guggenheim set a $35.00 target price on shares of Corning and gave the stock a “buy” rating in a report on Thursday, May 10th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Corning has an average rating of “Buy” and an average price target of $33.65.
Corning Company Profile
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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