LVM Capital Management Ltd. MI Lowers Stake in Corning Incorporated (NYSE:GLW)

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LVM Capital Management Ltd. MI lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,353 shares of the electronics maker’s stock after selling 1,032 shares during the quarter. LVM Capital Management Ltd. MI’s holdings in Corning were worth $1,507,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Wedgewood Investors Inc. PA raised its position in Corning by 3.4% in the 1st quarter. Wedgewood Investors Inc. PA now owns 10,750 shares of the electronics maker’s stock worth $356,000 after purchasing an additional 350 shares during the period. Ingalls & Snyder LLC grew its holdings in Corning by 1.0% in the 1st quarter. Ingalls & Snyder LLC now owns 36,305 shares of the electronics maker’s stock worth $1,202,000 after acquiring an additional 360 shares during the last quarter. FinTrust Capital Advisors LLC grew its holdings in Corning by 28.1% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,826 shares of the electronics maker’s stock worth $60,000 after acquiring an additional 400 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Corning by 0.5% in the 4th quarter. Nuveen Asset Management LLC now owns 88,847 shares of the electronics maker’s stock worth $2,684,000 after acquiring an additional 409 shares during the last quarter. Finally, Kwmg LLC grew its holdings in Corning by 0.6% in the 1st quarter. Kwmg LLC now owns 74,180 shares of the electronics maker’s stock worth $2,455,000 after acquiring an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 70.63% of the company’s stock.

A number of brokerages have issued reports on GLW. ValuEngine raised shares of Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Bank of America reissued a “buy” rating and issued a $105.00 price target (up previously from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Finally, Zacks Investment Research lowered shares of Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Corning presently has a consensus rating of “Buy” and an average price target of $36.33.

Shares of GLW traded up $0.22 during trading hours on Tuesday, reaching $33.58. 3,889,600 shares of the company traded hands, compared to its average volume of 4,517,957. The firm has a fifty day moving average price of $32.41. The stock has a market cap of $26.45 billion, a P/E ratio of 18.87, a price-to-earnings-growth ratio of 1.55 and a beta of 1.20. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.08 and a quick ratio of 1.36. Corning Incorporated has a 12 month low of $27.67 and a 12 month high of $36.56.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.81 billion. Corning had a net margin of 18.57% and a return on equity of 15.02%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 EPS. Equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is 44.94%.

In other news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction dated 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 sale, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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