Private Advisor Group LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 93.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,414 shares of the electronics maker’s stock after buying an additional 36,835 shares during the quarter. Private Advisor Group LLC’s holdings in Corning were worth $2,534,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. National Pension Service increased its position in Corning by 7.0% in the second quarter. National Pension Service now owns 1,125,333 shares of the electronics maker’s stock worth $37,395,000 after purchasing an additional 74,067 shares during the period. Lido Advisors LLC increased its position in Corning by 13.8% in the second quarter. Lido Advisors LLC now owns 59,682 shares of the electronics maker’s stock worth $1,983,000 after purchasing an additional 7,248 shares during the period. Asset Management One Co. Ltd. increased its position in Corning by 6.2% in the second quarter. Asset Management One Co. Ltd. now owns 410,470 shares of the electronics maker’s stock worth $13,639,000 after purchasing an additional 23,879 shares during the period. Evercore Wealth Management LLC increased its position in Corning by 41.9% in the second quarter. Evercore Wealth Management LLC now owns 19,803 shares of the electronics maker’s stock worth $658,000 after purchasing an additional 5,850 shares during the period. Finally, Laurel Wealth Advisors Inc. increased its position in Corning by 249.3% in the second quarter. Laurel Wealth Advisors Inc. now owns 43,557 shares of the electronics maker’s stock worth $1,447,000 after purchasing an additional 31,088 shares during the period. 71.14% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on GLW shares. Cross Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley decreased their target price on Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America decreased their price objective on Corning from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 price objective (down from $40.00) on shares of Corning in a research report on Thursday, August 1st. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $34.73.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the firm earned $0.38 EPS. Corning’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.87%. Corning’s dividend payout ratio is presently 44.94%.
In related news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the transaction, the insider now directly owns 70,648 shares in the company, valued at approximately $1,973,905.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.
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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