Polaris Greystone Financial Group LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 702,769 shares of the electronics maker’s stock after selling 18,908 shares during the quarter. Corning comprises about 2.4% of Polaris Greystone Financial Group LLC’s portfolio, making the stock its 12th biggest holding. Polaris Greystone Financial Group LLC owned approximately 0.08% of Corning worth $21,118,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the first quarter worth $108,000. Clean Yield Group purchased a new stake in shares of Corning during the first quarter worth $122,000. Central Bank & Trust Co. grew its holdings in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares in the last quarter. Finally, AT Bancorp purchased a new stake in shares of Corning during the second quarter worth $184,000. 71.35% of the stock is owned by institutional investors and hedge funds.
In other news, insider Clark S. Kinlin sold 46,763 shares of the business’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 completion of the sale, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’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 sale, the insider now owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 in the last 90 days. 0.59% of the stock is owned by company insiders.
A number of equities research analysts have recently issued reports on GLW shares. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a report on Tuesday, July 4th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price objective 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 investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $28.21.
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Corning Incorporated (NYSE GLW) opened at 29.35 on Friday. The stock has a market cap of $26.51 billion, a price-to-earnings ratio of 13.11 and a beta of 1.40. The firm’s 50-day moving average is $28.86 and its 200 day moving average is $28.83. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 EPS. On average, equities research analysts expect that Corning Incorporated will post $1.70 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
Corning Company Profile
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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