Schroder Investment Management Group increased its stake in Corning Incorporated (NYSE:GLW) by 1,623.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,330,280 shares of the electronics maker’s stock after purchasing an additional 1,253,100 shares during the quarter. Schroder Investment Management Group owned about 0.15% of Corning worth $40,400,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of GLW. Jacobus Wealth Management Inc. acquired a new stake in Corning in the first quarter worth about $108,000. Clean Yield Group acquired a new stake in Corning in the first quarter worth about $122,000. Central Bank & Trust Co. lifted its holdings in Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the period. Grove Bank & Trust lifted its holdings in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after purchasing an additional 1,265 shares during the period. Finally, AT Bancorp acquired a new stake in Corning in the second quarter worth about $184,000. 71.35% of the stock is owned by institutional investors and hedge funds.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the transaction, the insider now owns 136,079 shares in the company, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,888 shares of company stock worth $3,653,485. Company insiders own 0.59% of the company’s stock.
Several equities research analysts recently weighed in on GLW shares. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a report on Tuesday, July 4th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $28.21.
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Shares of Corning Incorporated (GLW) opened at 29.35 on Friday. The stock has a market capitalization of $26.51 billion, a price-to-earnings ratio of 13.11 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The firm’s 50-day moving average is $28.86 and its 200-day moving average is $28.83.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business earned $0.37 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post $1.70 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is currently 27.93%.
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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