Parsec Financial Management Inc. decreased its position in Corning Inc. (NYSE:GLW) by 21.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 10,750 shares of the company’s stock after selling 2,900 shares during the period. Parsec Financial Management Inc.’s holdings in Corning were worth $220,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Patten & Patten Inc. TN boosted its stake in shares of 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 last quarter. Whittier Trust Co. boosted its stake in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the last quarter. First Manhattan Co. boosted its stake in shares of 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 last quarter. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in shares of 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 last quarter. Finally, Diligent Investors LLC boosted its stake in shares of Corning by 0.5% in the second quarter. Diligent Investors LLC now owns 39,280 shares of the company’s stock valued at $804,000 after buying an additional 200 shares during the last quarter. Institutional investors own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded down 0.63% on Tuesday, hitting $23.66. The company had a trading volume of 2,533,490 shares. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.96. The stock has a market cap of $24.53 billion, a PE ratio of 13.04 and a beta of 1.33. The company has a 50-day moving average of $22.99 and a 200 day moving average of $21.27.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the 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 firm earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. Corning’s quarterly revenue was up .7% on a year-over-year basis. Analysts anticipate that Corning Inc. will post $1.42 EPS for the current fiscal year.
The company 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 $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is 29.51%.
Several equities analysts recently commented on the company. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price objective on the stock in a report on Monday, June 27th. Goldman Sachs Group Inc. raised Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price target on the stock in a report on Thursday, July 7th. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a report on Monday, October 3rd. Finally, Citigroup Inc. started coverage on Corning in a report on Monday, June 20th. They set a “buy” rating and a $23.00 price target on the stock. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. Corning has an average rating of “Hold” and a consensus price target of C$21.98.
In other Corning news, VP Martin J. Curran sold 9,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the transaction, the vice president now owns 25,052 shares in the company, valued at approximately C$547,636.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider David L. Morse sold 18,000 shares of the company’s stock in a transaction dated Wednesday, September 28th. The stock was 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 of the company’s stock, valued at approximately C$1,448,281.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company 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.
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.