Oppenheimer & Close LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 3.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 187,840 shares of the electronics maker’s stock after selling 7,274 shares during the quarter. Corning makes up 7.2% of Oppenheimer & Close LLC’s holdings, making the stock its 4th biggest holding. Oppenheimer & Close LLC’s holdings in Corning were worth $6,241,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in GLW. Manchester Financial Inc. bought a new position in shares of Corning in the 2nd quarter valued at $29,000. Trustcore Financial Services LLC bought a new stake in Corning during the 1st quarter worth $30,000. TRUE Private Wealth Advisors acquired a new position in Corning in the 2nd quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Corning in the 2nd quarter worth about $33,000. Finally, Thor Advisors LLC bought a new position in Corning in the first quarter valued at about $35,000. Hedge funds and other institutional investors own 71.41% of the company’s stock.
GLW has been the topic of a number of recent research reports. Deutsche Bank set a $36.00 price target on Corning and gave the company a “buy” rating in a research note on Wednesday, July 31st. Barclays began coverage on shares of Corning in a report on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 price objective for the company. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. S&P Equity Research downgraded shares of Corning from a “positive” rating to a “neutral” rating and cut their target price 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. Finally, Susquehanna Bancshares reissued a “neutral” rating and set a $30.00 target price (down from $40.00) on shares of Corning in a report on Thursday, August 1st. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Corning presently has an average rating of “Buy” and a consensus target price of $34.73.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. The firm had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 EPS. Research analysts forecast that Corning Incorporated will post 1.88 EPS 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 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
In other Corning news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares in the company, valued at approximately $1,973,905.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 194,960 shares of Corning 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 disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
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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