Corning Incorporated (GLW) Shares Bought by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio boosted its stake in Corning Incorporated (NYSE:GLW) by 28.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 843,161 shares of the electronics maker’s stock after buying an additional 186,810 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.09% of Corning worth $25,337,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust lifted its position in Corning by 0.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock worth $352,000 after buying an additional 33 shares in the last quarter. Wedbush Securities Inc. lifted its position in Corning by 0.4% in the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after buying an additional 41 shares in the last quarter. MAI Capital Management lifted its position in Corning by 0.6% in the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock worth $512,000 after buying an additional 95 shares in the last quarter. Global X Management Co. LLC lifted its position in Corning by 1.6% in the 2nd quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock worth $214,000 after buying an additional 113 shares in the last quarter. Finally, Capital Investment Counsel Inc lifted its position in Corning by 0.3% in the 2nd quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock worth $1,629,000 after buying an additional 137 shares in the last quarter. Institutional investors own 71.30% of the company’s stock.
Corning Incorporated (GLW) traded down 0.67% on Friday, reaching $29.74. 5,989,516 shares of the company were exchanged. The stock has a 50 day moving average of $29.55 and a 200 day moving average of $29.20. The firm has a market capitalization of $26.86 billion, a PE ratio of 13.28 and a beta of 1.38. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post $1.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 27.93%.
A number of research analysts have recently weighed in on GLW shares. Drexel Hamilton restated a “sell” rating on shares of Corning in a report on Monday, June 19th. Morgan Stanley restated an “equal weight” rating and set a $29.00 price target (up previously from $26.00) on shares of Corning in a report on Monday, June 19th. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a report on Wednesday, June 28th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Finally, Jefferies Group LLC restated a “hold” rating and set a $27.50 price target on shares of Corning in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $28.90.
In other news, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 over the last ninety days. Insiders own 0.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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