Nomura Holdings Inc. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 544.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,175,109 shares of the electronics maker’s stock after purchasing an additional 992,638 shares during the quarter. Nomura Holdings Inc. owned approximately 0.15% of Corning worth $39,781,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Manchester Financial Inc. purchased a new stake in shares of Corning during the 2nd quarter worth $29,000. TRUE Private Wealth Advisors acquired a new position in Corning during the 2nd quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Corning during the 2nd quarter valued at about $33,000. Thor Advisors LLC acquired a new position in Corning during the 1st quarter valued at about $35,000. Finally, SRS Capital Advisors Inc. acquired a new position in Corning during the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 71.14% of the company’s stock.
Shares of GLW stock traded up $0.33 during mid-day trading on Friday, reaching $27.93. The stock had a trading volume of 3,504,531 shares, compared to its average volume of 6,010,071. The business’s fifty day moving average is $28.32 and its 200-day moving average is $31.63. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market cap of $22.04 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 1.51 and a beta of 1.18. Corning Incorporated has a 1-year low of $26.78 and a 1-year high of $36.56.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is presently 44.94%.
Several research analysts recently issued reports on the company. Deutsche Bank set a $36.00 target price on Corning and gave the company a “buy” rating in a research report on Wednesday, July 31st. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. UBS Group reduced their target price on Corning from $33.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday. Bank of America reduced their target price on Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, 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 Friday, September 6th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $34.73.
In other news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the transaction, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.
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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