Kornitzer Capital Management Inc. KS boosted its stake in Corning Incorporated (NYSE:GLW) by 2.9% in the second quarter, Holdings Channel reports. The institutional investor owned 38,551 shares of the electronics maker’s stock after acquiring an additional 1,075 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Corning were worth $1,281,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Smith Graham & Co. Investment Advisors LP increased its stake in shares of Corning by 1.0% during the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock worth $5,330,000 after purchasing an additional 1,560 shares during the last quarter. Calton & Associates Inc. increased its stake in shares of Corning by 24.3% during the 2nd quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock worth $323,000 after purchasing an additional 1,895 shares during the last quarter. Harvest Group Wealth Management LLC acquired a new position in shares of Corning during the 1st quarter worth $144,000. Wedgewood Investors Inc. PA increased its stake in shares of Corning by 3.4% during 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 last quarter. Finally, Duality Advisers LP grew its stake in Corning by 131.8% in the 1st quarter. Duality Advisers LP now owns 116,110 shares of the electronics maker’s stock valued at $3,843,000 after buying an additional 66,010 shares during the last quarter. Institutional investors own 71.56% of the company’s stock.
NYSE:GLW traded up $0.38 during midday trading on Friday, reaching $27.51. The stock had a trading volume of 108,450 shares, compared to its average volume of 6,741,531. Corning Incorporated has a 1-year low of $26.98 and a 1-year high of $36.56. The firm’s fifty day simple moving average is $31.80 and its 200-day simple moving average is $32.60. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. The stock has a market capitalization of $22.04 billion, a P/E ratio of 15.36, a PEG ratio of 1.42 and a beta of 1.16.
The business 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 $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.91%. Corning’s dividend payout ratio is 44.94%.
A number of research firms recently issued reports on GLW. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 target price on the stock in a research note on Tuesday, August 6th. 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. Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 target price (down from $40.00) on shares of Corning in a research note on Thursday, August 1st. Finally, S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and lowered their target price for the company from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $34.73.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction 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 sale, the vice president now directly owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.
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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