Amalgamated Bank lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 53.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,829 shares of the electronics maker’s stock after purchasing an additional 35,954 shares during the period. Amalgamated Bank’s holdings in Corning were worth $3,090,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in GLW. Davis R M Inc. grew its stake in Corning by 0.3% during the 1st quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after acquiring an additional 32 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in Corning by 0.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after acquiring an additional 33 shares in the last quarter. Wedbush Securities Inc. grew its stake in Corning by 0.4% during the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after acquiring an additional 41 shares in the last quarter. MAI Capital Management grew its stake in Corning by 0.6% during the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after acquiring an additional 95 shares in the last quarter. Finally, Global X Management Co. LLC grew its stake in Corning by 1.6% during the 2nd quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after acquiring an additional 113 shares in the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.
Several analysts recently issued reports on GLW shares. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective for the company in a research note on Wednesday, June 28th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 price objective (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $28.98.
Corning Incorporated (NYSE GLW) opened at 30.05 on Friday. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The firm has a market capitalization of $27.14 billion, a price-to-earnings ratio of 13.42 and a beta of 1.40. The stock has a 50 day moving average of $28.89 and a 200 day moving average of $28.87.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous 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. Analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.06%. Corning’s payout ratio is 27.93%.
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In related news, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,888 shares of company stock valued at $3,653,485. 0.59% of the stock is owned by insiders.
Corning Company Profile
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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