Tocqueville Asset Management L.P. reduced its holdings in Corning Incorporated (NYSE:GLW) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 987,662 shares of the electronics maker’s stock after selling 35,781 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Corning were worth $27,171,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Institutional & Family Asset Management LLC acquired a new stake in shares of Corning in the 1st quarter valued at approximately $101,000. Founders Capital Management acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $105,000. Private Capital Group LLC raised its holdings in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after purchasing an additional 3,683 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, Smithfield Trust Co. raised its holdings in Corning by 55.0% during the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock worth $157,000 after purchasing an additional 2,028 shares during the last quarter. 70.33% of the stock is owned by institutional investors and hedge funds.
GLW stock traded up $0.06 during midday trading on Thursday, hitting $33.38. 14,111 shares of the stock were exchanged, compared to its average volume of 3,729,274. The stock has a market cap of $27.14 billion, a PE ratio of 19.40, a P/E/G ratio of 2.36 and a beta of 1.35. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $35.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.58 and a current ratio of 2.23.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. equities research analysts predict that Corning Incorporated will post 1.73 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.16%. The ex-dividend date is Thursday, August 30th. Corning’s payout ratio is 41.86%.
GLW has been the subject of several research reports. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a report on Thursday, August 30th. Morgan Stanley raised Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 31st. Guggenheim set a $35.00 price objective on Corning and gave the stock a “buy” rating in a report on Thursday, May 10th. UBS Group lifted their price objective on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 26th. Finally, TheStreet raised Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Corning currently has an average rating of “Buy” and an average price target of $33.65.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of the transaction, the vice president now owns 60,403 shares of the company’s stock, valued at $2,033,164.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $6,456,419.64. Following the transaction, the chief executive officer now directly owns 111,835 shares of the company’s stock, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. Insiders have sold 631,489 shares of company stock valued at $19,722,718 in the last three months. 0.46% of the stock is currently owned by company insiders.
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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