Beck Mack & Oliver LLC maintained its stake in Corning Inc. (NYSE:GLW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,455 shares of the company’s stock at the end of the second quarter. Beck Mack & Oliver LLC’s holdings in Corning were worth $501,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of GLW. Envestnet Asset Management Inc. increased its position in shares of Corning by 22.0% in the first quarter. Envestnet Asset Management Inc. now owns 418,347 shares of the company’s stock worth $8,739,000 after buying an additional 75,507 shares during the period. Zurich Insurance Group Ltd FI increased its position in shares of Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock worth $6,427,000 after buying an additional 97,387 shares during the period. Princeton Portfolio Strategies Group LLC increased its position in shares of Corning by 3.4% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 15,100 shares of the company’s stock worth $315,000 after buying an additional 500 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of 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 worth $49,806,000 after buying an additional 1,360,200 shares during the period. Finally, National Pension Service increased its position in shares of Corning by 4.1% in the first quarter. National Pension Service now owns 802,943 shares of the company’s stock worth $16,773,000 after buying an additional 31,336 shares during the period. 73.65% of the stock is currently owned by institutional investors.
Corning Inc. (NYSE:GLW) traded up 1.046% during trading on Tuesday, hitting $23.675. 3,913,803 shares of the company were exchanged. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.96. The company has a market capitalization of $24.55 billion, a price-to-earnings ratio of 13.044 and a beta of 1.33. The company has a 50-day moving average of $23.09 and a 200-day moving average of $21.36.
Corning (NYSE:GLW) last announced its 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. The company 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 firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 earnings per share. Analysts forecast that Corning Inc. will post $1.42 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is currently 29.51%.
A number of brokerages have weighed in on GLW. Vetr upgraded shares of 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. Susquehanna reiterated a “positive” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Corning in a research report on Wednesday, September 28th. Goldman Sachs Group Inc. upgraded shares of Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price objective for the company in a research report on Thursday, July 7th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Finally, Bank of America Corp. reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a research report on Wednesday, September 21st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of C$21.98.
In other Corning news, insider David L. Morse sold 18,000 shares of Corning 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 transaction, the insider now owns 61,629 shares in the company, valued at C$1,448,281.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Martin J. Curran sold 9,000 shares of Corning stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the transaction, the vice president now owns 25,052 shares of the company’s stock, valued at approximately C$547,636.72. The disclosure for this sale can be found here. Company 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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