FinTrust Capital Advisors LLC cut its stake in Corning Incorporated (NYSE:GLW) by 25.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,358 shares of the electronics maker’s stock after selling 468 shares during the quarter. FinTrust Capital Advisors LLC’s holdings in Corning were worth $45,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of GLW. Manchester Financial Inc. purchased a new position in Corning in the 2nd quarter valued at about $29,000. Trustcore Financial Services LLC purchased a new position in Corning in the 1st quarter worth approximately $30,000. TRUE Private Wealth Advisors purchased a new position in Corning in the 2nd quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Corning in the 2nd quarter worth approximately $33,000. Finally, Thor Advisors LLC purchased a new position in Corning in the 1st quarter worth approximately $35,000. 71.56% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.
Shares of NYSE GLW traded up $0.50 during midday trading on Friday, reaching $27.63. 5,254,400 shares of the stock were exchanged, compared to its average volume of 6,701,377. The company has a 50 day simple moving average of $31.69 and a 200 day simple moving average of $32.58. The stock has a market capitalization of $21.33 billion, a P/E ratio of 15.52, a PEG ratio of 1.38 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. Corning Incorporated has a twelve month low of $26.98 and a twelve month high of $36.56.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. On average, research analysts expect that Corning Incorporated will post 1.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.90%. Corning’s dividend payout ratio (DPR) is presently 44.94%.
A number of research firms have weighed in on GLW. Barclays began coverage on shares of Corning in a research note on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 target price on the stock. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a report on Tuesday, August 6th. Susquehanna Bancshares restated a “neutral” rating and set a $30.00 price target (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Finally, Bank of America upgraded shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target for the company in a report on Wednesday, May 1st. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $34.73.
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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