First Business Financial Services Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 14,870 shares of the electronics maker’s stock, valued at approximately $494,000.
Several other institutional investors have also modified their holdings of GLW. Manchester Financial Inc. bought a new stake in shares of Corning during the 2nd quarter valued at $29,000. Trustcore Financial Services LLC bought a new stake in shares of Corning during the 1st quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Corning during the 2nd quarter valued at $33,000. Thor Advisors LLC bought a new stake in shares of Corning during the 1st quarter valued at $35,000. Finally, Horan Capital Advisors LLC. bought a new stake in shares of Corning during the 1st quarter valued at $51,000. Institutional investors own 70.67% of the company’s stock.
Several analysts have commented on GLW shares. Susquehanna Bancshares reiterated a “neutral” rating and set a $30.00 target price (down previously from $40.00) on shares of Corning in a research report on Thursday. Deutsche Bank set a $36.00 price target on shares of Corning and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $30.00 in a report on Thursday. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $35.03.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The firm’s revenue was up 7.0% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is presently 44.94%.
In related news, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were 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 approximately $2,113,188.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by corporate insiders.
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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