Foundation Resource Management Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 0.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 954,398 shares of the electronics maker’s stock after selling 4,685 shares during the period. Corning makes up approximately 5.1% of Foundation Resource Management Inc.’s portfolio, making the stock its 5th largest position. Foundation Resource Management Inc. owned approximately 0.10% of Corning worth $28,680,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Lincoln Capital Corp acquired a new position in Corning during the fourth quarter worth approximately $1,251,000. Wealthfront Inc. boosted its position in Corning by 8.7% in the fourth quarter. Wealthfront Inc. now owns 23,755 shares of the electronics maker’s stock worth $577,000 after buying an additional 1,906 shares in the last quarter. RMB Capital Management LLC acquired a new position in Corning during the fourth quarter worth approximately $1,772,000. USA Financial Portformulas Corp boosted its position in Corning by 2.4% in the fourth quarter. USA Financial Portformulas Corp now owns 19,943 shares of the electronics maker’s stock worth $484,000 after buying an additional 473 shares in the last quarter. Finally, Teachers Advisors LLC boosted its position in Corning by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 2,004,240 shares of the electronics maker’s stock worth $48,643,000 after buying an additional 50,512 shares in the last quarter. 72.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (GLW) traded down 1.42% during midday trading on Thursday, reaching $31.28. The company’s stock had a trading volume of 1,584,623 shares. The company has a 50 day moving average of $30.02 and a 200-day moving average of $27.95. The stock has a market capitalization of $28.78 billion, a price-to-earnings ratio of 8.29 and a beta of 1.41. Corning Incorporated has a 52 week low of $20.76 and a 52 week high of $31.75. Corning also was the target of some unusual options trading activity on Tuesday. Investors bought 12,793 call options on the company. This is an increase of 429% compared to the typical volume of 2,417 call options.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the company earned $0.28 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post $1.73 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 1.95%. Corning’s dividend payout ratio is currently 16.89%.
GLW has been the topic of a number of analyst reports. Citigroup Inc. cut Corning from a “buy” rating to a “neutral” rating and upped their target price for the company from $28.00 to $29.00 in a research note on Friday, March 31st. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price objective on shares of Corning in a research note on Wednesday, April 12th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday, April 21st. Drexel Hamilton increased their price objective on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research note on Wednesday, April 26th. Finally, Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price objective on shares of Corning in a research note on Wednesday, April 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued 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 $27.68.
In related news, CEO Wendell P. Weeks sold 41,075 shares of the stock in a transaction dated Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total transaction of $1,168,994.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The disclosure for this sale can be found here. Insiders have sold 457,433 shares of company stock valued at $13,393,083 over the last three months. 0.59% of the stock is currently owned by corporate insiders.
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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