RMB Capital Management LLC raised its position in Corning Incorporated (NYSE:GLW) by 14.2% during the first quarter, Holdings Channel reports. The fund owned 83,400 shares of the electronics maker’s stock after buying an additional 10,400 shares during the period. RMB Capital Management LLC’s holdings in Corning were worth $2,252,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in GLW. DnB Asset Management AS raised its stake in shares of Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock worth $2,997,000 after buying an additional 10,600 shares during the last quarter. Clark Capital Management Group Inc. acquired a new stake in shares of Corning during the first quarter worth $14,879,000. Swiss National Bank raised its stake in shares of Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock worth $91,004,000 after buying an additional 446,200 shares during the last quarter. United Bank VA acquired a new stake in shares of Corning during the first quarter worth $1,890,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter worth $136,000. Hedge funds and other institutional investors own 72.68% of the company’s stock.
Corning Incorporated (NYSE:GLW) opened at 31.85 on Friday. The firm’s 50-day moving average is $30.10 and its 200-day moving average is $27.97. The stock has a market capitalization of $29.31 billion, a P/E ratio of 8.44 and a beta of 1.41. Corning Incorporated has a 12 month low of $20.76 and a 12 month high of $32.06.
Corning (NYSE:GLW) last released its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Corning had a return on equity of 11.25% and a net margin of 42.69%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the firm posted $0.28 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post $1.73 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. Corning’s payout ratio is 16.89%.
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GLW has been the topic of several analyst reports. Drexel Hamilton lifted their target price on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research note on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 target price (up from $30.00) on shares of Corning in a research note on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $29.00 target price on shares of Corning in a research note on Wednesday, April 26th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Friday, April 21st. Finally, Citigroup Inc. downgraded shares of Corning from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $28.00 to $29.00 in a research note on Friday, March 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $27.68.
In other news, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now owns 91,552 shares in the company, valued at $2,677,896. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Eric S. Musser sold 23,236 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $29.12, for a total value of $676,632.32. Following the transaction, the vice president now owns 63,040 shares in the company, valued at approximately $1,835,724.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,433 shares of company stock worth $13,393,083. Insiders own 0.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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