Tokio Marine Asset Management Co. Ltd. reduced its position in shares of Corning Inc. (NYSE:GLW) by 5.8% during the second quarter, Holdings Channel reports. The fund owned 36,014 shares of the company’s stock after selling 2,205 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Corning were worth $738,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the stock. First Manhattan Co. increased its stake in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the last quarter. Zions Bancorporation increased its stake in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares during the last quarter. Invictus RG increased its stake in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new stake in Corning during the first quarter worth $201,000. Finally, LVW Advisors LLC acquired a new stake in Corning during the first quarter worth $203,000. Institutional investors own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.29% during mid-day trading on Thursday, hitting $23.87. 9,753,935 shares of the company traded hands. The stock has a market capitalization of $24.75 billion, a PE ratio of 13.15 and a beta of 1.34. The firm’s 50 day moving average price is $22.92 and its 200-day moving average price is $21.20. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.95.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. Corning’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. On average, equities research analysts forecast that Corning Inc. will post $1.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.26%. Corning’s payout ratio is 29.51%.
A number of research firms have recently weighed in on GLW. Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Vetr downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price target for the company. in a research report on Thursday, July 7th. Citigroup Inc. lifted their price target on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and dropped their price target for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Finally, Deutsche Bank AG restated a “buy” rating on shares of Corning in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of C$21.98.
In other Corning news, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the transaction, the vice president now directly owns 25,052 shares of the company’s stock, valued at approximately C$547,636.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider James P. Clappin sold 15,000 shares of the firm’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 completion of the transaction, the insider now directly owns 81,589 shares of the company’s stock, valued at C$1,794,958. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
Corning Company Profile
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.