Ashford Capital Management Inc. maintained its stake in shares of Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,989 shares of the electronics maker’s stock at the end of the first quarter. Ashford Capital Management Inc.’s holdings in Corning were worth $243,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Central Bank & Trust Co. boosted its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank boosted its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter valued at about $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter valued at about $122,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter valued at about $136,000. Institutional investors and hedge funds own 73.87% of the company’s stock.
Corning Incorporated (GLW) traded up 0.04% during trading on Friday, hitting $27.88. 5,178,017 shares of the stock were exchanged. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The stock’s 50 day moving average price is $30.00 and its 200 day moving average price is $28.60. The stock has a market cap of $25.18 billion, a P/E ratio of 12.45 and a beta of 1.40.
Corning (NYSE:GLW) last released 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. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. Corning’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be given a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.22%. Corning’s dividend payout ratio (DPR) is 27.93%.
Several analysts have recently issued reports on the stock. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and decreased their target price for the company from $29.00 to $26.00 in a research report on Tuesday. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $28.08.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the sale, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the completion of the sale, the insider now owns 16,808 shares of the company’s stock, valued at approximately $488,944.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 357,700 shares of company stock valued at $10,519,405. 0.59% of the stock is owned by insiders.
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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