Hanson & Doremus Investment Management Has $5.08 Million Holdings in Corning Incorporated (NYSE:GLW)
Hanson & Doremus Investment Management lowered its position in shares of Corning Incorporated (NYSE:GLW) by 3.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 152,924 shares of the electronics maker’s stock after selling 6,115 shares during the period. Corning comprises about 1.6% of Hanson & Doremus Investment Management’s holdings, making the stock its 8th largest holding. Hanson & Doremus Investment Management’s holdings in Corning were worth $5,082,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Smith Graham & Co. Investment Advisors LP increased its holdings in Corning by 1.0% during the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock valued at $5,330,000 after purchasing an additional 1,560 shares during the period. Calton & Associates Inc. increased its holdings in Corning by 24.3% during the 2nd quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock valued at $323,000 after purchasing an additional 1,895 shares during the period. Putnam FL Investment Management Co. increased its holdings in Corning by 9.8% during the 4th quarter. Putnam FL Investment Management Co. now owns 6,759 shares of the electronics maker’s stock valued at $204,000 after purchasing an additional 605 shares during the period. Harvest Group Wealth Management LLC purchased a new position in Corning during the 1st quarter valued at about $144,000. Finally, Wedgewood Investors Inc. PA increased its holdings in Corning by 3.4% during the 1st quarter. Wedgewood Investors Inc. PA now owns 10,750 shares of the electronics maker’s stock valued at $356,000 after purchasing an additional 350 shares during the period. 70.63% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently issued reports on the company. Zacks Investment Research downgraded Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Bank of America reiterated a “buy” rating and set a $105.00 target price (up previously from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Finally, ValuEngine upgraded Zillow Group from a “hold” rating to a “buy” rating in a report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $36.55.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Corning had a return on equity of 15.02% and a net margin of 18.57%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.31 EPS. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.37%. Corning’s payout ratio is 44.94%.
In other news, VP Christine M. Pambianchi sold 194,960 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by corporate insiders.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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