Sandy Spring Bank lessened its holdings in Corning Incorporated (NYSE:GLW) by 4.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,870 shares of the electronics maker’s stock after selling 3,162 shares during the quarter. Sandy Spring Bank’s holdings in Corning were worth $2,156,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in Corning by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock worth $254,263,000 after acquiring an additional 190,145 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after acquiring an additional 874,576 shares in the last quarter. First Manhattan Co. lifted its holdings in shares of Corning by 7.3% in the first quarter. First Manhattan Co. now owns 10,671 shares of the electronics maker’s stock valued at $353,000 after purchasing an additional 726 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in shares of Corning by 1.6% in the first quarter. Raymond James Trust N.A. now owns 40,743 shares of the electronics maker’s stock valued at $1,348,000 after purchasing an additional 624 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new stake in shares of Corning in the first quarter valued at about $63,000. Institutional investors and hedge funds own 71.56% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
A number of analysts have recently commented on GLW shares. S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and cut their price target for the company from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Barclays began coverage on Corning in a research report on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 target price on the stock. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $30.00 target price on the stock in a research report on Tuesday, August 6th. Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 target price on the stock in a research report on Wednesday, May 1st. Finally, ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $34.73.
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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