Nomura Holdings Inc. decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 77.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,903 shares of the electronics maker’s stock after selling 210,504 shares during the period. Nomura Holdings Inc.’s holdings in Corning were worth $1,676,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Central Bank & Trust Co. raised its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the last quarter. Coconut Grove Bank raised its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the last quarter. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the first quarter worth about $108,000. Clean Yield Group purchased a new stake in shares of Corning during the first quarter worth about $122,000. Finally, Pinnacle Bank purchased a new stake in shares of Corning during the first quarter worth about $136,000. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 28.98 on Friday. The firm has a market cap of $26.17 billion, a P/E ratio of 12.94 and a beta of 1.40. The stock’s 50 day moving average is $30.26 and its 200-day moving average is $28.53. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued 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 dividend yield of 2.14%. Corning’s dividend payout ratio is 27.93%.
A number of equities analysts have recently issued reports on GLW shares. Drexel Hamilton upped their target price on Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research report on Wednesday, April 26th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research report on Monday, July 10th. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 target price (up from $30.00) on shares of Corning in a research report on Saturday, April 29th. Jefferies Group LLC upped their target price on Corning from $24.50 to $27.50 and gave the company a “hold” rating in a research report on Friday, April 28th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $27.81.
In other news, insider Lewis A. Steverson sold 30,000 shares of the company’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $29.00, for a total value of $870,000.00. Following the completion of the sale, the insider now directly owns 3,859 shares of the company’s stock, valued at approximately $111,911. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at $2,270,265. The disclosure for this sale can be found here. Insiders have sold a total of 387,700 shares of company stock valued at $11,389,405 over the last three months. Company 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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