Laurel Wealth Advisors Inc. Buys 31,088 Shares of Corning Incorporated (NYSE:GLW)
Laurel Wealth Advisors Inc. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 249.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 43,557 shares of the electronics maker’s stock after purchasing an additional 31,088 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Corning were worth $1,447,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Manchester Financial Inc. purchased a new position in shares of Corning in the 2nd quarter worth approximately $29,000. Trustcore Financial Services LLC acquired a new stake in Corning during the first quarter worth approximately $30,000. TRUE Private Wealth Advisors acquired a new stake in Corning during the second quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Corning during the second quarter worth approximately $33,000. Finally, Thor Advisors LLC acquired a new stake in Corning during the first quarter worth approximately $35,000. Institutional investors own 71.41% of the company’s stock.
In other 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 completion of the transaction, the insider now directly owns 70,648 shares in the company, valued at approximately $1,973,905.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 194,960 shares of the 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 owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.
NYSE GLW traded up $0.04 on Friday, hitting $30.29. 28,618 shares of the company’s stock were exchanged, compared to its average volume of 4,686,891. The stock has a 50-day moving average of $28.91 and a 200-day moving average of $31.83. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 52 week low of $26.78 and a 52 week high of $36.56. The stock has a market cap of $23.82 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 1.48 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 the consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, analysts predict that Corning Incorporated will post 1.88 earnings per share for the current 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 dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is presently 44.94%.
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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