Mackay Shields LLC lessened its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 6.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 107,501 shares of the electronics maker’s stock after selling 7,286 shares during the period. Mackay Shields LLC’s holdings in Corning were worth $3,968,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in GLW. Trust Asset Management LLC boosted its stake in Corning by 3.9% during the first quarter. Trust Asset Management LLC now owns 7,717 shares of the electronics maker’s stock valued at $285,000 after buying an additional 287 shares during the period. Waldron Private Wealth LLC raised its stake in Corning by 5.2% during the 1st quarter. Waldron Private Wealth LLC now owns 5,896 shares of the electronics maker’s stock valued at $217,000 after buying an additional 293 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of Corning by 1.7% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 17,536 shares of the electronics maker’s stock worth $647,000 after purchasing an additional 298 shares in the last quarter. Heathbridge Capital Management Ltd. boosted its holdings in Corning by 3.0% in the 1st quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the electronics maker’s stock worth $380,000 after buying an additional 300 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. boosted its holdings in Corning by 2.0% in the 1st quarter. Cornell Pochily Investment Advisors Inc. now owns 15,012 shares of the electronics maker’s stock worth $554,000 after buying an additional 300 shares during the period. Institutional investors own 69.00% of the company’s stock.
Insider Buying and Selling at Corning
In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the sale, the senior vice president now directly owns 7,345 shares in the company, valued at $269,561.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.36% of the stock is owned by insiders.
Corning Price Performance
Corning (NYSE:GLW – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 2.23 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be paid a $0.27 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.26%. Corning’s dividend payout ratio (DPR) is 46.35%.
Analyst Upgrades and Downgrades
Several research analysts have commented on the stock. Credit Suisse Group assumed coverage on shares of Corning in a report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price objective for the company. Susquehanna Bancshares decreased their target price on shares of Corning from $48.00 to $46.00 and set a “positive” rating on the stock in a research report on Wednesday, July 27th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Finally, Citigroup lowered shares of Corning from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.18.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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