Todays Report: The LS Investment Advisors LLC invests in Corning Inc. (GLW) Shares

The LS Investment Advisors LLC invests in Corning Inc. (GLW) Shares

LS Investment Advisors LLC increased its position in Corning Inc. (NYSE:GLW) by 6.0% during the second quarter, Holdings Channel reports. The fund owned 37,039 shares of the company’s stock after buying an additional 2,112 shares during the period. LS Investment Advisors LLC’s holdings in Corning were worth $759,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. AXA increased its position in shares of Corning by 2.2% in the first quarter. AXA now owns 318,300 shares of the company’s stock worth $6,649,000 after buying an additional 6,700 shares during the period. Meeder Asset Management Inc. increased its position in shares of Corning by 181.0% in the first quarter. Meeder Asset Management Inc. now owns 115,480 shares of the company’s stock worth $2,412,000 after buying an additional 74,388 shares during the period. Kiltearn Partners LLP increased its position in shares of Corning by 10.1% in the first quarter. Kiltearn Partners LLP now owns 8,401,700 shares of the company’s stock worth $175,512,000 after buying an additional 768,500 shares during the period. BB&T Securities LLC increased its position in shares of Corning by 13.7% in the first quarter. BB&T Securities LLC now owns 127,849 shares of the company’s stock worth $2,671,000 after buying an additional 15,446 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Corning by 50.7% in the first quarter. Canada Pension Plan Investment Board now owns 1,937,019 shares of the company’s stock worth $40,464,000 after buying an additional 651,810 shares during the period. 73.63% of the stock is owned by institutional investors.

Corning Inc. (NYSE:GLW) traded down 0.97% on Wednesday, reaching $23.41. The company’s stock had a trading volume of 9,556,058 shares. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.96. The stock has a 50 day moving average price of $23.01 and a 200-day moving average price of $21.28. The company has a market capitalization of $24.27 billion, a price-to-earnings ratio of 12.90 and a beta of 1.34.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business earned $0.38 EPS. The company’s revenue was up .7% on a year-over-year basis. Equities analysts predict that Corning Inc. will post $1.42 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.31%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 29.51%.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Monday, October 3rd. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 target price for the company in a research note on Monday, June 27th. Goldman Sachs Group Inc. raised Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 target price for the company in a research note on Thursday, July 7th. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Finally, Citigroup Inc. assumed coverage on Corning in a research note on Monday, June 20th. They set a “buy” rating and a $23.00 target price for the company. Four analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of C$21.98.

In other Corning news, VP Eric S. Musser sold 56,853 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the sale, the vice president now directly owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James P. Clappin sold 15,000 shares of the business’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$22.00, for a total transaction of C$330,000.00. Following the sale, the insider now directly owns 81,589 shares in the company, valued at C$1,794,958. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

About Corning

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.

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