Strategic Wealth Partners Ltd. raised its position in Corning Incorporated (NYSE:GLW – Get Rating) by 23.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,602 shares of the electronics maker’s stock after acquiring an additional 5,124 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Corning were worth $982,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Islay Capital Management LLC acquired a new stake in shares of Corning in the 1st quarter worth $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Corning in the 1st quarter worth $31,000. Rise Advisors LLC acquired a new stake in shares of Corning in the 4th quarter worth $32,000. CVA Family Office LLC lifted its stake in shares of Corning by 589.3% in the first quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 825 shares during the period. Finally, Sandy Cove Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at about $44,000. Institutional investors and hedge funds own 69.00% of the company’s stock.
Insider Activity at Corning
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the business’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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.36% of the stock is owned by insiders.
Analyst Ratings Changes
Corning Stock Performance
Shares of NYSE GLW opened at $32.92 on Thursday. The company has a market cap of $27.83 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 2.33 and a beta of 1.00. Corning Incorporated has a 12 month low of $30.63 and a 12 month high of $43.47. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The company has a 50-day simple moving average of $34.71 and a 200-day simple moving average of $35.08.
Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The business had revenue of $3.76 billion during 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 2.23 earnings per share for the current year.
Corning Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.28%. Corning’s dividend payout ratio (DPR) is presently 46.35%.
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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