Executive Wealth Management LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 67.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,697 shares of the electronics maker’s stock after buying an additional 684 shares during the quarter. Executive Wealth Management LLC’s holdings in Corning were worth $56,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Nelson Roberts Investment Advisors LLC grew its holdings in Corning by 31.7% during the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock valued at $43,000 after buying an additional 314 shares in the last quarter. We Are One Seven LLC grew its holdings in Corning by 1.0% during the 2nd quarter. We Are One Seven LLC now owns 32,123 shares of the electronics maker’s stock valued at $1,067,000 after buying an additional 322 shares in the last quarter. Flagship Harbor Advisors LLC grew its holdings in Corning by 3.9% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock valued at $285,000 after buying an additional 322 shares in the last quarter. Trust Co. of Vermont grew its holdings in Corning by 2.6% during the 2nd quarter. Trust Co. of Vermont now owns 12,867 shares of the electronics maker’s stock valued at $428,000 after buying an additional 324 shares in the last quarter. Finally, Greenleaf Trust grew its holdings in Corning by 2.9% during the 2nd quarter. Greenleaf Trust now owns 12,307 shares of the electronics maker’s stock valued at $409,000 after buying an additional 345 shares in the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on GLW shares. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Barclays started coverage on Corning in a report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective for the company. S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Deutsche Bank set a $36.00 price objective on Corning and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $34.73.
In related news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.
NYSE:GLW opened at $27.13 on Friday. The business has a 50 day moving average of $31.80 and a 200 day moving average of $32.60. The company has a market capitalization of $22.04 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.42 and a beta of 1.16. Corning Incorporated has a 1-year low of $26.98 and a 1-year high of $36.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18.
Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. Corning’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.89 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.95%. Corning’s payout ratio is 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
Recommended Story: Why do companies issue convertible shares?
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.