Corning Incorporated (GLW) Holdings Increased by CapWealth Advisors LLC

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CapWealth Advisors LLC raised its position in Corning Incorporated (NYSE:GLW) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 537,387 shares of the electronics maker’s stock after acquiring an additional 12,206 shares during the quarter. Corning makes up about 2.6% of CapWealth Advisors LLC’s investment portfolio, making the stock its 12th largest holding. CapWealth Advisors LLC owned 0.07% of Corning worth $14,784,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Baldwin Investment Management LLC acquired a new stake in shares of Corning during the 2nd quarter worth about $294,000. Resources Investment Advisors Inc. lifted its stake in shares of Corning by 58.1% during the 2nd quarter. Resources Investment Advisors Inc. now owns 8,261 shares of the electronics maker’s stock worth $227,000 after buying an additional 3,035 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Corning by 2,189.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 27,753 shares of the electronics maker’s stock worth $764,000 after buying an additional 26,541 shares during the last quarter. Tuttle Tactical Management acquired a new stake in shares of Corning during the 2nd quarter worth about $2,046,000. Finally, Natixis raised its stake in Corning by 1,360.1% in the 2nd quarter. Natixis now owns 463,281 shares of the electronics maker’s stock worth $12,745,000 after purchasing an additional 431,552 shares in the last quarter. Hedge funds and other institutional investors own 70.36% of the company’s stock.

Shares of Corning stock opened at $35.27 on Friday. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.00. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $27.55 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 2.40 and a beta of 1.35.

Corning (NYSE:GLW) last released its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. equities research analysts expect that Corning Incorporated will post 1.73 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, August 30th. Corning’s dividend payout ratio is currently 41.86%.

In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $33.66, for a total value of $33,660.00. Following the transaction, the vice president now directly owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 383,605 shares of company stock worth $12,649,768. Insiders own 0.46% of the company’s stock.

GLW has been the subject of several analyst reports. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Tuesday, June 26th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Finally, Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.50 to $40.00 in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Corning currently has a consensus rating of “Buy” and a consensus price target of $34.45.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

See Also: Diversification in Investing

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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