West Oak Capital LLC Purchases 2,640 Shares of Corning Incorporated (NYSE:GLW)

West Oak Capital LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 5.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,370 shares of the electronics maker’s stock after acquiring an additional 2,640 shares during the quarter. West Oak Capital LLC’s holdings in Corning were worth $1,674,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Trustcore Financial Services LLC bought a new stake in shares of Corning during the first quarter worth $30,000. Thor Advisors LLC acquired a new stake in shares of Corning during the first quarter worth $35,000. Horan Capital Advisors LLC. acquired a new stake in shares of Corning during the first quarter worth $51,000. Quadrant Capital Group LLC grew its stake in shares of Corning by 31.9% during the first quarter. Quadrant Capital Group LLC now owns 1,854 shares of the electronics maker’s stock worth $53,000 after purchasing an additional 448 shares during the period. Finally, Zions Bancorporation N.A. acquired a new stake in shares of Corning during the first quarter worth $57,000. Institutional investors own 70.67% of the company’s stock.

In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Shares of Corning stock traded down $0.53 during trading on Wednesday, reaching $30.87. 6,775,882 shares of the company were exchanged, compared to its average volume of 3,775,829. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53. Corning Incorporated has a twelve month low of $27.67 and a twelve month high of $36.56. The business’s 50-day simple moving average is $32.91. The stock has a market cap of $26.52 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 1.58 and a beta of 1.20.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.59%. Corning’s payout ratio is 44.94%.

GLW has been the subject of a number of analyst reports. ValuEngine raised Zillow Group from a “hold” rating to a “buy” rating in a research note on Thursday, July 11th. Zacks Investment Research cut Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Bank of America reaffirmed a “buy” rating and set a $105.00 price objective (up from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $36.55.

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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