Profund Advisors LLC raised its position in shares of Corning Incorporated (NYSE:GLW) by 8.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,887 shares of the electronics maker’s stock after buying an additional 1,112 shares during the quarter. Profund Advisors LLC’s holdings in Corning were worth $495,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. Manchester Financial Inc. acquired a new position in shares of Corning during the second quarter valued at about $29,000. TRUE Private Wealth Advisors bought a new stake in shares of Corning in the 2nd quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Corning in the 2nd quarter valued at $33,000. SRS Capital Advisors Inc. acquired a new position in shares of Corning during the 2nd quarter valued at $35,000. Finally, Thor Advisors LLC acquired a new position in shares of Corning during the 1st quarter valued at $35,000. 71.14% of the stock is owned by institutional investors and hedge funds.
In other Corning news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the sale, the insider now owns 70,648 shares in the company, valued at $1,973,905.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.
GLW stock traded down $0.08 during midday trading on Thursday, reaching $27.82. The company’s stock had a trading volume of 2,375,241 shares, compared to its average volume of 4,789,272. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The stock has a fifty day simple moving average of $28.40 and a two-hundred day simple moving average of $31.66. Corning Incorporated has a 1 year low of $26.78 and a 1 year high of $36.56. The firm has a market capitalization of $23.47 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 1.52 and a beta of 1.18.
Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The business’s revenue was up 7.0% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 1.78 EPS 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 is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.88%. Corning’s payout ratio is 44.94%.
GLW has been the topic of a number of research reports. Cross Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. Barclays initiated coverage on shares of Corning in a report on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 target price for the company. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price target on the stock in a report on Friday, September 6th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $34.73.
Corning Company 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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