Legacy Private Trust Co. Sells 1,556 Shares of Corning Incorporated (NYSE:GLW)

Legacy Private Trust Co. reduced its holdings in Corning Incorporated (NYSE:GLW) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,536 shares of the electronics maker’s stock after selling 1,556 shares during the quarter. Legacy Private Trust Co.’s holdings in Corning were worth $417,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GLW. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock valued at $254,263,000 after buying an additional 190,145 shares during the last quarter. Geode Capital Management LLC increased its position in Corning by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after buying an additional 874,576 shares during the period. Thrivent Financial for Lutherans increased its position in Corning by 1.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 36,293 shares of the electronics maker’s stock worth $1,096,000 after buying an additional 640 shares during the period. FMR LLC increased its position in Corning by 80.6% in the 4th quarter. FMR LLC now owns 6,653,290 shares of the electronics maker’s stock worth $200,997,000 after buying an additional 2,969,394 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Corning by 123.4% in the 4th quarter. Teacher Retirement System of Texas now owns 218,361 shares of the electronics maker’s stock worth $6,597,000 after buying an additional 120,595 shares during the period. Institutional investors and hedge funds own 70.67% of the company’s stock.

GLW opened at $31.40 on Wednesday. The company has a market capitalization of $26.52 billion, a PE ratio of 17.64, a PEG ratio of 1.58 and a beta of 1.20. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53. Corning Incorporated has a 1 year low of $27.67 and a 1 year high of $36.56. The company’s 50 day moving average price is $32.91.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a return on equity of 15.02% and a net margin of 18.57%. Corning’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is presently 44.94%.

Several research analysts have commented on the company. ValuEngine raised Zillow Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 11th. Zacks Investment Research downgraded Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Bank of America reaffirmed a “buy” rating and issued a $105.00 price target (up from $100.00) on shares of Zendesk in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $36.55.

In other 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 transaction of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares in the company, valued at $2,113,188.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Corning Profile

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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