Armbruster Capital Management Inc. held its position in Corning Inc. (NYSE:GLW) during the second quarter, Holdings Channel reports. The institutional investor owned 6,100 shares of the company’s stock at the end of the second quarter. Armbruster Capital Management Inc.’s holdings in Corning were worth $125,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of GLW. Envestnet Asset Management Inc. boosted its position in Corning by 22.0% in the first quarter. Envestnet Asset Management Inc. now owns 418,347 shares of the company’s stock valued at $8,739,000 after buying an additional 75,507 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its position in Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock valued at $6,427,000 after buying an additional 97,387 shares during the last quarter. Princeton Portfolio Strategies Group LLC boosted its position in Corning by 3.4% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 15,100 shares of the company’s stock valued at $315,000 after buying an additional 500 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock valued at $49,806,000 after buying an additional 1,360,200 shares during the last quarter. Finally, National Pension Service boosted its position in Corning by 4.1% in the first quarter. National Pension Service now owns 802,943 shares of the company’s stock valued at $16,773,000 after buying an additional 31,336 shares during the last quarter. 73.65% of the stock is owned by institutional investors.
Corning Inc. (NYSE:GLW) traded up 0.960% during midday trading on Tuesday, hitting $23.655. 5,448,931 shares of the stock traded hands. The firm has a market cap of $24.53 billion, a P/E ratio of 13.033 and a beta of 1.33. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $23.96. The company’s 50-day moving average is $23.09 and its 200 day moving average is $21.36.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. On average, analysts anticipate that Corning Inc. will post $1.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is 29.51%.
A number of equities analysts have commented on the stock. Vetr cut shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price objective for the company. in a research note on Thursday, July 7th. Citigroup Inc. lifted their price objective on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research note on Friday, August 26th. Finally, Bank of America Corp. reissued a “sell” rating and issued a $17.50 price objective on shares of Corning in a research note on Wednesday, September 21st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of C$21.98.
In other news, VP Eric S. Musser sold 56,853 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the completion of the sale, the vice president now directly owns 25,693 shares in the company, valued at C$574,752.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David L. Morse sold 18,000 shares of the stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the sale, the insider now owns 61,629 shares of the company’s stock, valued at C$1,448,281.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Inc. (NYSE:GLW).
Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.