Raymond James Trust N.A. boosted its position in Corning Incorporated (NYSE:GLW) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,743 shares of the electronics maker’s stock after purchasing an additional 624 shares during the quarter. Raymond James Trust N.A.’s holdings in Corning were worth $1,348,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Riverview Trust Co bought a new stake in shares of Corning during the 4th quarter worth about $26,000. Sontag Advisory LLC bought a new stake in shares of Corning during the 4th quarter worth about $29,000. Athena Capital Advisors LLC bought a new stake in shares of Corning during the 4th quarter worth about $33,000. Essex Savings Bank bought a new stake in shares of Corning during the 4th quarter worth about $34,000. Finally, Hanson McClain Inc. raised its position in shares of Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock worth $36,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.
A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 4th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.50.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a net margin of 9.44% and a return on equity of 14.21%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, research analysts expect that Corning Incorporated will post 2 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 28th were paid a $0.20 dividend. The ex-dividend date was Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.29%. This is a boost from Corning’s previous quarterly dividend of $0.18. Corning’s payout ratio is currently 44.94%.
In other news, CEO Wendell P. Weeks sold 223,379 shares of Corning stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $33.77, for a total value of $7,543,508.83. Following the transaction, the chief executive officer now owns 114,943 shares of the company’s stock, valued at approximately $3,881,625.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David L. Morse sold 35,701 shares of Corning stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total transaction of $1,203,480.71. Following the completion of the transaction, the insider now directly owns 47,961 shares in the company, valued at approximately $1,616,765.31. The disclosure for this sale can be found here. Insiders sold a total of 328,767 shares of company stock worth $11,162,588 in the last ninety days. Corporate insiders own 0.46% of the company’s stock.
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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