Argyle Capital Management Inc. held its stake in Corning Inc. (NYSE:GLW) during the second quarter, Holdings Channel reports. The firm owned 47,050 shares of the company’s stock at the end of the second quarter. Argyle Capital Management Inc.’s holdings in Corning were worth $964,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Patten & Patten Inc. TN boosted its stake in Corning by 1.3% in the second quarter. Patten & Patten Inc. TN now owns 11,061 shares of the company’s stock valued at $227,000 after buying an additional 139 shares during the period. First Manhattan Co. boosted its stake in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares during the period. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Corning by 1.8% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 11,200 shares of the company’s stock valued at $229,000 after buying an additional 200 shares during the period. Ken Stern & Associates Inc. boosted its stake in Corning by 1.6% in the second quarter. Ken Stern & Associates Inc. now owns 18,664 shares of the company’s stock valued at $382,000 after buying an additional 298 shares during the period. Finally, Rothschild Investment Corp IL boosted its stake in Corning by 0.3% in the second quarter. Rothschild Investment Corp IL now owns 119,370 shares of the company’s stock valued at $2,445,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 73.64% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded down 0.61% during trading on Monday, reaching $23.00. The company’s stock had a trading volume of 8,212,724 shares. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.23. The firm’s 50-day moving average is $22.74 and its 200-day moving average is $20.94. The stock has a market capitalization of $23.85 billion, a PE ratio of 12.67 and a beta of 1.44.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The business’s revenue was up .7% compared to the same quarter last year. Equities analysts expect that Corning Inc. will post $1.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Monday, August 29th. Corning’s payout ratio is 29.51%.
Several analysts recently weighed in on the stock. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Bank of America Corp. lowered Corning from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $42.00 to $28.00 in a research report on Friday, June 10th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price objective for the company in a research report on Monday, June 27th. Finally, Drexel Hamilton lowered Corning from a “hold” rating to a “sell” rating and lowered their price objective for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of C$21.45.
In related news, VP Martin J. Curran sold 54,416 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the sale, the vice president now owns 32,115 shares of the company’s stock, valued at C$734,470.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 68,250 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the sale, the chief executive officer now directly owns 68,250 shares in the company, valued at approximately C$1,515,832.50. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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