Dana Investment Advisors Inc. Invests $20.96 Million in Corning Incorporated (GLW) Stock
Dana Investment Advisors Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 697,421 shares of the electronics maker’s stock, valued at approximately $20,958,000. Dana Investment Advisors Inc. owned about 0.08% of Corning as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after purchasing an additional 965,976 shares during the period. BlackRock Inc. increased its position in Corning by 1,930.0% in the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the period. Bank of New York Mellon Corp increased its position in Corning by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after acquiring an additional 971,936 shares during the period. LSV Asset Management increased its position in Corning by 1.3% in the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after acquiring an additional 165,214 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Corning by 12.8% during the 1st quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after purchasing an additional 1,071,544 shares during the period. Institutional investors and hedge funds own 71.30% of the company’s stock.
Corning Incorporated (NYSE:GLW) traded down 0.67% during mid-day trading on Friday, hitting $29.74. 5,989,516 shares of the company were exchanged. Corning Incorporated has a 12-month low of $22.23 and a 12-month high of $32.17. The company’s 50-day moving average is $29.52 and its 200 day moving average is $29.19. The company has a market capitalization of $26.86 billion, a P/E ratio of 13.28 and a beta of 1.38.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts expect that Corning Incorporated will post $1.69 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.08%. Corning’s dividend payout ratio (DPR) is 27.93%.
In related news, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the transaction, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 in the last ninety days. 0.59% of the stock is owned by corporate insiders.
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Several equities analysts have recently issued reports on GLW shares. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Tuesday, July 4th. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Drexel Hamilton reissued a “sell” rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 target price on shares of Corning in a report on Thursday, August 24th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $28.90.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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