Mather Group LLC. Reduce Stock Position in Corning Incorporated (NYSE:GLW)

VaselineAugust 9, 2024

0 4 minutes read

Mather Group LLC. cut its stake in Corning Incorporated (NYSE:GLW – Free Report) by 21.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,232 shares of the electronics maker’s stock after selling 606 shares during the quarter. Mather Group LLC holdings. in Corning were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have recently made changes to their positions in the stock. Access Investment Management LLC bought a new stake in shares of Corning in the first quarter valued at approximately $28,000. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in Corning in the 1st quarter worth about $33,000. Register Financial Advisors LLC bought a new position in shares of Corning in the first quarter worth about $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning in the first quarter valued at approximately $33,000. 69.80% of shares are owned by hedge funds and other institutional investors.

Corning trading rose 2.0%

Shares of NYSE GLW opened at $38.61 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The firm has a market cap of $33.04 billion, a PE ratio of 54.38, a price-to-earnings-growth ratio of 1.49 and a beta of 1.05. The company has a fifty day simple moving average of $40.41 and a two hundred day simple moving average of $35.44. The company has a quick ratio of 0.98, a current ratio of 1.57, and a debt-to-equity ratio of 0.63.

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Corning (NYSE:GLW – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. In the same period last year, the firm earned $0.45 per share. analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning announces dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. This represents a dividend of $1.12 on an annualized basis and a yield of 2.90%. The ex-dividend date is Friday, August 30. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts set new price targets

GLW has been the subject of several recent analyst reports. Bank of America cut their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Susquehanna upped their target price on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Finally, Barclays boosted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.23, based on data from MarketBeat.

Check out our latest report on Corning

Insiders place their bets

In other news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of shares are owned by company insiders.

Corning profile

(Free Report)

Corning Incorporated is engaged in display technologies, optical communications, environmental technologies, specialty materials and life sciences businesses in the United States and internationally. The Company’s Display Technologies segment provides glass substrates for flat panel displays, including liquid crystal displays and organic light emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets and wearable devices.