Parthenon LLC decreased its position in shares of Corning Inc. (NYSE:GLW) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 292,620 shares of the company’s stock after selling 11,325 shares during the period. Corning accounts for about 1.5% of Parthenon LLC’s investment portfolio, making the stock its 21st largest position. Parthenon LLC’s holdings in Corning were worth $5,993,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. increased its stake in 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 last quarter. Royal Bank of Canada increased its stake in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares during the last quarter. Motley Fool Wealth Management LLC increased its stake in Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares during the last quarter. Zurich Insurance Group Ltd FI increased its stake in 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 last quarter. Finally, First Manhattan Co. increased its stake 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 during the last quarter. Institutional investors and hedge funds own 73.64% of the company’s stock.
Corning Inc. (NYSE:GLW) traded up 1.15% during trading on Wednesday, hitting $22.96. 11,700,124 shares of the stock traded hands. The firm has a market cap of $23.81 billion, a PE ratio of 12.65 and a beta of 1.44. The firm has a 50-day moving average price of $22.69 and a 200 day moving average price of $20.90. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.13.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. The firm had revenue of $2.36 billion for 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 business’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. On average, equities analysts forecast that Corning Inc. will post $1.42 EPS 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 2.35%. The ex-dividend date of this dividend is Monday, August 29th. Corning’s dividend payout ratio is 29.51%.
GLW has been the topic of a number of research reports. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. raised their price objective on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Standpoint Research cut Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Vetr cut Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price objective on the stock. in a research note on Monday, June 6th. Finally, Drexel Hamilton cut Corning from a “hold” rating to a “sell” rating and reduced their price objective for the company from $21.03 to $14.50 in a research note 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 issued a buy rating to the stock. Corning presently has a consensus rating of “Hold” and an average target price of C$21.45.
In other news, insider David L. Morse sold 9,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of C$23.00, for a total transaction of C$207,000.00. Following the sale, the insider now directly owns 52,629 shares in the company, valued at approximately C$1,210,467. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Eric S. Musser sold 56,853 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the sale, the vice president now owns 25,693 shares in the company, valued at 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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