Union Bankshares Corp Boosts Position in Corning Inc. (GLW)
Union Bankshares Corp raised its stake in shares of Corning Inc. (NYSE:GLW) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,676 shares of the company’s stock after buying an additional 508 shares during the period. Union Bankshares Corp’s holdings in Corning were worth $2,830,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Salem Capital Management Inc. raised its stake in shares of Corning by 6.3% in the second quarter. Salem Capital Management Inc. now owns 194,525 shares of the company’s stock worth $3,984,000 after buying an additional 11,450 shares in the last quarter. Alpha Windward LLC raised its stake in shares of Corning by 102.2% in the second quarter. Alpha Windward LLC now owns 38,135 shares of the company’s stock worth $781,000 after buying an additional 19,278 shares in the last quarter. Berson & Corrado Investment Advisors LLC raised its stake in shares of Corning by 7.5% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 226,510 shares of the company’s stock worth $4,639,000 after buying an additional 15,762 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its stake in shares of Corning by 2.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 278,354 shares of the company’s stock worth $5,701,000 after buying an additional 7,405 shares in the last quarter. Finally, Thompson Rubinstein Investment Management Inc. OR raised its stake in shares of Corning by 1.7% in the second quarter. Thompson Rubinstein Investment Management Inc. OR now owns 77,871 shares of the company’s stock worth $1,595,000 after buying an additional 1,325 shares in the last quarter. 75.83% of the stock is currently owned by institutional investors.
Corning Inc. (NYSE:GLW) traded down 0.12% during midday trading on Tuesday, hitting $24.17. The company had a trading volume of 5,566,123 shares. Corning Inc. has a 52-week low of $16.13 and a 52-week high of $24.42. The firm has a market cap of $22.99 billion, a price-to-earnings ratio of 12.32 and a beta of 1.32. The stock has a 50 day moving average of $23.39 and a 200 day moving average of $22.10.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company earned $2.51 billion during the quarter, compared to the consensus estimate of $2.52 billion. Corning had a return on equity of 10.11% and a net margin of 25.66%. Corning’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 earnings per share. On average, analysts anticipate that Corning Inc. will post $1.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is 27.84%.
A number of analysts have recently issued reports on GLW shares. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Tuesday, November 15th. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research note on Monday, October 3rd. Susquehanna reaffirmed a “positive” rating and issued a $27.00 price target (up from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Bank of America Corp. reaffirmed a “sell” rating and issued a $17.50 price target on shares of Corning in a research note on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. reissued a “buy” rating on shares of Corning in a research note on Friday, August 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. Corning has a consensus rating of “Hold” and an average price target of $22.91.
In other Corning news, CEO Wendell P. Weeks sold 204,750 shares of the firm’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total transaction of $4,723,582.50. Following the completion of the transaction, the chief executive officer now owns 136,500 shares of the company’s stock, valued at $3,149,055. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Clappin sold 94,303 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $24.01, for a total value of $2,264,215.03. Following the transaction, the insider now directly owns 81,255 shares of the company’s stock, valued at approximately $1,950,932.55. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.
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.
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