Bank of America Corp DE Raises Position in Corning Incorporated (NYSE:GLW)

Bank of America Corp DE increased its holdings in Corning Incorporated (NYSE:GLWGet Rating) by 3.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 10,820,097 shares of the electronics maker’s stock after acquiring an additional 380,729 shares during the quarter. Bank of America Corp DE’s holdings in Corning were worth $399,370,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NewEdge Wealth LLC purchased a new stake in shares of Corning in the first quarter worth $486,000. Daiwa Securities Group Inc. raised its position in Corning by 3.2% during the first quarter. Daiwa Securities Group Inc. now owns 49,023 shares of the electronics maker’s stock valued at $1,809,000 after purchasing an additional 1,504 shares in the last quarter. Bailard Inc. raised its position in Corning by 46.5% during the first quarter. Bailard Inc. now owns 7,974 shares of the electronics maker’s stock valued at $294,000 after purchasing an additional 2,530 shares in the last quarter. CWM LLC raised its position in Corning by 12.0% during the first quarter. CWM LLC now owns 14,770 shares of the electronics maker’s stock valued at $545,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Twin Tree Management LP raised its position in Corning by 20,111.2% during the first quarter. Twin Tree Management LP now owns 234,854 shares of the electronics maker’s stock valued at $8,668,000 after purchasing an additional 233,692 shares in the last quarter. Hedge funds and other institutional investors own 69.00% of the company’s stock.

Corning Stock Down 1.7 %

NYSE GLW opened at $32.06 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The stock has a market capitalization of $27.10 billion, a PE ratio of 13.76, a PEG ratio of 2.25 and a beta of 1.00. Corning Incorporated has a 1 year low of $30.63 and a 1 year high of $43.47. The business’s 50-day moving average is $34.71 and its 200 day moving average is $34.93.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The company had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 2.2 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.37%. Corning’s payout ratio is 46.35%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GLW shares. Citigroup lowered their price target on Corning from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, September 9th. Deutsche Bank Aktiengesellschaft lowered their price target on Corning from $39.00 to $37.00 and set a “hold” rating on the stock in a research report on Thursday. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Friday. Credit Suisse Group initiated coverage on Corning in a report on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price objective on the stock. Finally, Susquehanna decreased their price objective on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, September 9th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $40.27.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.

About Corning

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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