First Merchants Corp increased its stake in Corning Inc. (NYSE:GLW) by 22.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,440 shares of the company’s stock after buying an additional 9,700 shares during the period. First Merchants Corp’s holdings in Corning were worth $1,073,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Coastline Trust Co raised its position in shares of Corning by 0.9% in the first quarter. Coastline Trust Co now owns 52,770 shares of the company’s stock valued at $1,102,000 after buying an additional 450 shares in the last quarter. BLB&B Advisors LLC raised its position in shares of Corning by 1.0% in the first quarter. BLB&B Advisors LLC now owns 424,738 shares of the company’s stock valued at $8,873,000 after buying an additional 4,027 shares in the last quarter. Sigma Planning Corp raised its position in shares of Corning by 15.4% in the first quarter. Sigma Planning Corp now owns 13,570 shares of the company’s stock valued at $283,000 after buying an additional 1,808 shares in the last quarter. HHG & Company LLC raised its position in shares of Corning by 92.9% in the first quarter. HHG & Company LLC now owns 42,772 shares of the company’s stock valued at $894,000 after buying an additional 20,600 shares in the last quarter. Finally, Raymond James Trust N.A. raised its position in shares of Corning by 28.7% in the first quarter. Raymond James Trust N.A. now owns 42,890 shares of the company’s stock valued at $896,000 after buying an additional 9,552 shares in the last quarter. 73.64% of the stock is owned by institutional investors and hedge funds.
Shares of Corning Inc. (NYSE:GLW) traded up 1.15% during trading on Wednesday, hitting $22.96. The stock had a trading volume of 11,700,124 shares. The firm has a market cap of $23.81 billion, a PE ratio of 12.65 and a beta of 1.44. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $23.13. The stock has a 50 day moving average of $22.69 and a 200 day moving average of $20.90.
Corning (NYSE:GLW) last posted its earnings results 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. The company earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. Corning’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. On average, equities analysts anticipate that Corning Inc. will post $1.42 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Monday, August 29th. Corning’s payout ratio is currently 29.51%.
Several research analysts recently issued reports on GLW shares. Vetr lowered Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 target price for the company. in a research report on Tuesday, May 31st. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Drexel Hamilton lowered Corning from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Bank of America Corp. lowered Corning from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $42.00 to $28.00 in a research report on Friday, June 10th. Finally, Standpoint Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Corning has a consensus rating of “Hold” and a consensus price target of C$21.45.
In related news, VP Martin J. Curran sold 54,416 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total value of C$1,244,493.92. Following the completion of the transaction, the vice president now directly owns 32,115 shares of the company’s stock, valued at C$734,470.05. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James P. Clappin sold 15,000 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of C$23.00, for a total transaction of C$345,000.00. Following the completion of the transaction, the insider now directly owns 81,589 shares of the company’s stock, valued at C$1,876,547. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate 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.
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