Parkside Financial Bank & Trust raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,818 shares of the electronics maker’s stock after purchasing an additional 717 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Corning were worth $426,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Manchester Financial Inc. bought a new position in Corning during the 2nd quarter worth $29,000. Trustcore Financial Services LLC bought a new position in Corning during the 1st quarter worth $30,000. TRUE Private Wealth Advisors bought a new position in Corning during the 2nd quarter worth $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Corning during the 2nd quarter worth $33,000. Finally, Thor Advisors LLC bought a new position in Corning during the 1st quarter worth $35,000. 71.05% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE GLW traded up $0.09 during mid-day trading on Thursday, reaching $27.98. The company had a trading volume of 146,973 shares, compared to its average volume of 6,779,855. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. Corning Incorporated has a one year low of $26.98 and a one year high of $36.56. The firm has a market cap of $21.78 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 1.40 and a beta of 1.16. The business’s 50-day simple moving average is $31.12 and its 200 day simple moving average is $32.45.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is currently 44.94%.
In related news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction on 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 transaction, the vice president now owns 66,369 shares in the company, valued at $2,113,188.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.
GLW has been the topic of several recent research reports. Bank of America upgraded Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective on the stock in a research report on Wednesday, May 1st. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Barclays initiated coverage on Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective on the stock. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research report on Tuesday, August 6th. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $34.73.
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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