Aperio Group LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 17.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 725,786 shares of the electronics maker’s stock after buying an additional 107,466 shares during the period. Aperio Group LLC owned 0.08% of Corning worth $21,810,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the last quarter. BlackRock Inc. boosted its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Geode Capital Management LLC boosted its stake in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after buying an additional 1,071,544 shares during the last quarter. Morgan Stanley boosted its stake in Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock valued at $236,202,000 after buying an additional 1,456,304 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock valued at $214,656,000 after buying an additional 53,440 shares during the last quarter. 73.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded up 0.04% on Friday, reaching $27.88. The company’s stock had a trading volume of 5,178,017 shares. The firm has a market capitalization of $25.18 billion, a PE ratio of 12.45 and a beta of 1.40. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17. The firm has a 50-day moving average price of $30.00 and a 200 day moving average price of $28.60.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company earned $0.37 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.22%. Corning’s payout ratio is 27.93%.
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Several equities analysts have recently commented on the company. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $29.00 price objective on shares of Corning in a research report on Wednesday, April 26th. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price objective on shares of Corning in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.08.
In other news, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the sale, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction dated 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 directly owns 16,808 shares of the company’s stock, valued at $488,944.72. The disclosure for this sale can be found here. Insiders sold 357,700 shares of company stock valued at $10,519,405 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
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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