Argus Investors Counsel Inc. lifted its position in shares of Corning Incorporated (NYSE:GLW) by 103.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,574 shares of the electronics maker’s stock after purchasing an additional 117,391 shares during the quarter. Argus Investors Counsel Inc.’s holdings in Corning were worth $7,662,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in GLW. Dimensional Fund Advisors LP boosted its holdings in shares of Corning by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock valued at $254,263,000 after acquiring an additional 190,145 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in shares of Corning by 27.2% in the 4th quarter. Natixis Advisors L.P. now owns 44,653 shares of the electronics maker’s stock valued at $1,348,000 after acquiring an additional 9,546 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Corning by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock valued at $325,210,000 after acquiring an additional 874,576 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Corning by 0.5% in the 4th quarter. Nuveen Asset Management LLC now owns 88,847 shares of the electronics maker’s stock valued at $2,684,000 after acquiring an additional 409 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in shares of Corning in the 4th quarter valued at $665,000. 70.63% of the stock is currently owned by institutional investors.
NYSE GLW traded up $0.22 during mid-day trading on Tuesday, reaching $33.58. 3,744,927 shares of the stock were exchanged, compared to its average volume of 4,517,957. The business has a 50 day simple moving average of $32.50. Corning Incorporated has a 1 year low of $27.67 and a 1 year high of $36.56. The stock has a market cap of $26.45 billion, a P/E ratio of 18.87, a P/E/G ratio of 1.55 and a beta of 1.20. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the firm posted $0.31 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
Several analysts have recently commented on the stock. Bank of America reaffirmed a “buy” rating and issued a $105.00 price objective (up from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, ValuEngine raised shares of Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Corning presently has a consensus rating of “Buy” and a consensus target price of $36.33.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares in the company, valued at $2,113,188.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Corning Company Profile
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.
Recommended Story: Dividend Aristocrat Index
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.