Bartlett & Co. LLC maintained its position in shares of Corning Inc. (NYSE:GLW) during the second quarter, Holdings Channel reports. The firm owned 10,600 shares of the company’s stock at the end of the second quarter. Bartlett & Co. LLC’s holdings in Corning were worth $217,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. First Manhattan Co. increased its position in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares in the last quarter. Zions Bancorporation increased its position in shares of Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares in the last quarter. Invictus RG increased its position in shares of Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new position in shares of Corning during the first quarter worth approximately $201,000. Finally, LVW Advisors LLC purchased a new position in shares of Corning during the first quarter worth approximately $203,000. Institutional investors and hedge funds own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.55% on Friday, hitting $23.65. The stock had a trading volume of 9,828,456 shares. The firm has a 50 day moving average of $22.83 and a 200 day moving average of $21.09. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.81. The stock has a market cap of $24.52 billion, a P/E ratio of 13.03 and a beta of 1.44.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $2.38 billion. During the same quarter last year, the company earned $0.38 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The firm also recently announced 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 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Monday, August 29th. Corning’s dividend payout ratio (DPR) is presently 29.51%.
A number of equities analysts have commented on the stock. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Deutsche Bank AG restated a “buy” rating on shares of Corning in a report on Saturday, June 4th. Vetr downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price objective on the stock. in a report on Thursday, July 7th. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and cut their price objective for the company from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Finally, Citigroup Inc. upped their price objective on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of C$21.98.
In other Corning news, insider R Tony Tripeny sold 7,500 shares of Corning stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of C$22.27, for a total transaction of C$167,025.00. Following the transaction, the insider now owns 48,221 shares of the company’s stock, valued at C$1,073,881.67. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Eric S. Musser sold 56,853 shares of Corning stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Corning Company Profile
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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