Canandaigua National Bank & Trust Co. cut its position in shares of Corning Inc. (NYSE:GLW) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,651 shares of the company’s stock after selling 1,366 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Corning were worth $935,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Patten & Patten Inc. TN raised its position in Corning by 1.3% in the second quarter. Patten & Patten Inc. TN now owns 11,061 shares of the company’s stock worth $227,000 after buying an additional 139 shares in the last quarter. First Manhattan Co. raised its position in 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. DORCHESTER WEALTH MANAGEMENT Co raised its position in Corning by 1.8% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 11,200 shares of the company’s stock worth $229,000 after buying an additional 200 shares in the last quarter. Ken Stern & Associates Inc. raised its position in Corning by 1.6% in the second quarter. Ken Stern & Associates Inc. now owns 18,664 shares of the company’s stock worth $382,000 after buying an additional 298 shares in the last quarter. Finally, Rothschild Investment Corp IL raised its position in Corning by 0.3% in the second quarter. Rothschild Investment Corp IL now owns 119,370 shares of the company’s stock worth $2,445,000 after buying an additional 300 shares in the last quarter. Institutional investors own 73.64% of the company’s stock.
Corning Inc. (NYSE:GLW) remained flat at $22.70 during trading on Tuesday. 7,664,830 shares of the company traded hands. The firm has a 50-day moving average of $22.66 and a 200-day moving average of $20.85. The stock has a market cap of $23.54 billion, a price-to-earnings ratio of 12.51 and a beta of 1.44. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.13.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the company earned $0.38 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts expect that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be issued a $0.135 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 29.51%.
A number of research firms have commented on GLW. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Argus reaffirmed a “buy” rating on shares of Corning in a report on Sunday, June 12th. Bank of America Corp. downgraded shares of Corning from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $42.00 to $28.00 in a report on Friday, June 10th. Vetr downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 target price on the stock. in a report on Thursday, July 7th. Finally, Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and lowered their target price 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. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of C$22.25.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 57,333 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$22.26, for a total transaction of C$1,276,232.58. Following the transaction, the insider now owns 133,902 shares of the company’s stock, valued at approximately C$2,980,658.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 transaction of C$1,515,832.50. Following the transaction, 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. 0.60% of the stock is currently owned by corporate insiders.
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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