Clear Street Markets LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 87.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,494 shares of the electronics maker’s stock after selling 10,183 shares during the period. Clear Street Markets LLC’s holdings in Corning were worth $53,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the stock. CVA Family Office LLC lifted its stake in shares of Corning by 563.6% in the 1st quarter. CVA Family Office LLC now owns 730 shares of the electronics maker’s stock valued at $26,000 after purchasing an additional 620 shares in the last quarter. City Holding Co. lifted its stake in shares of Corning by 70.5% in the 1st quarter. City Holding Co. now owns 747 shares of the electronics maker’s stock valued at $26,000 after purchasing an additional 309 shares in the last quarter. Carmel Capital Partners LLC acquired a new position in shares of Corning in the 1st quarter valued at about $32,000. Pinnacle Bancorp Inc. acquired a new position in shares of Corning in the 1st quarter valued at about $32,000. Finally, GoalVest Advisory LLC acquired a new position in shares of Corning in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 67.74% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently weighed in on GLW shares. 888 reaffirmed an “upgrade” rating on shares of Corning in a research note on Friday, June 9th. Morgan Stanley raised Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $35.00 to $38.00 in a research note on Friday, June 9th. StockNews.com began coverage on Corning in a research report on Thursday, August 17th. They set a “hold” rating on the stock. UBS Group lowered Corning from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $38.00 to $39.00 in a research report on Friday, July 14th. Finally, Citigroup raised Corning from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $40.00 in a research report on Thursday, June 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.
Corning Stock Performance
Shares of GLW opened at $31.52 on Friday. The business’s 50 day moving average is $33.33 and its two-hundred day moving average is $33.27. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $37.10. The firm has a market cap of $26.89 billion, a price-to-earnings ratio of 43.18, a PEG ratio of 2.84 and a beta of 1.06. The company has a quick ratio of 1.03, a current ratio of 1.65 and a debt-to-equity ratio of 0.64.
Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, July 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.48 billion. Corning had a return on equity of 13.22% and a net margin of 4.72%. Corning’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. Analysts forecast that Corning Incorporated will post 1.85 EPS for the current fiscal year.
Corning Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Wednesday, August 30th. Corning’s dividend payout ratio is currently 153.42%.
Insider Activity at Corning
In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total transaction of $3,378,000.00. Following the completion of the transaction, the chief executive officer now owns 847,474 shares in the company, valued at $28,627,671.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $33.78, for a total value of $3,378,000.00. Following the completion of the transaction, the chief executive officer now directly owns 847,474 shares of the company’s stock, valued at approximately $28,627,671.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 11,000 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $32.99, for a total value of $362,890.00. Following the completion of the transaction, the senior vice president now directly owns 18,313 shares of the company’s stock, valued at approximately $604,145.87. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,755 shares of company stock valued at $5,539,783. Corporate insiders own 0.40% of the company’s stock.
Corning Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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