CapWealth Advisors LLC Increases Position in Corning Incorporated (GLW)

CapWealth Advisors LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 537,387 shares of the electronics maker’s stock after purchasing an additional 12,206 shares during the quarter. Corning accounts for about 2.6% of CapWealth Advisors LLC’s portfolio, making the stock its 12th largest position. CapWealth Advisors LLC’s holdings in Corning were worth $14,784,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can acquired a new stake in Corning during the 2nd quarter worth approximately $30,286,000. Benedict Financial Advisors Inc. boosted its position in Corning by 21.1% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 26,404 shares of the electronics maker’s stock worth $726,000 after buying an additional 4,595 shares during the period. North Star Investment Management Corp. acquired a new stake in Corning during the 2nd quarter worth approximately $324,000. Financial Counselors Inc. boosted its position in Corning by 29.4% during the 2nd quarter. Financial Counselors Inc. now owns 215,423 shares of the electronics maker’s stock worth $5,926,000 after buying an additional 48,968 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in Corning by 129.9% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 22,075 shares of the electronics maker’s stock worth $607,000 after buying an additional 12,475 shares during the period. 70.36% of the stock is currently owned by institutional investors.

Shares of NYSE GLW opened at $35.27 on Friday. The company has a market capitalization of $27.55 billion, a PE ratio of 21.12, a PEG ratio of 2.40 and a beta of 1.35. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.58 and a current ratio of 2.23.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 EPS. equities research analysts expect that Corning Incorporated will post 1.73 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.04%. Corning’s dividend payout ratio (DPR) is currently 41.86%.

In related news, CEO Wendell P. Weeks sold 237,470 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Edward A. Schlesinger sold 3,953 shares of the business’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $33.46, for a total transaction of $132,267.38. Following the transaction, the vice president now owns 25,991 shares in the company, valued at approximately $869,658.86. The disclosure for this sale can be found here. Insiders sold a total of 383,605 shares of company stock worth $12,649,768 in the last 90 days. Corporate insiders own 0.46% of the company’s stock.

Several research firms recently commented on GLW. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $32.50 to $40.00 in a research report on Friday. UBS Group boosted their price target on shares of Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, July 26th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Thursday, August 30th. Finally, TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $34.45.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Further Reading: What is intrinsic value?

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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