Pillar Pacific Capital Management LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 0.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 120,317 shares of the electronics maker’s stock after selling 850 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Corning were worth $3,615,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its position in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Corning during the first quarter worth about $58,813,000. Janus Capital Management LLC raised its position in shares of Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares during the last quarter. Gotham Asset Management LLC raised its position in shares of Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the last quarter. Hedge funds and other institutional investors own 73.87% of the company’s stock.

Shares of Corning Incorporated (GLW) opened at 27.88 on Monday. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The firm has a 50-day moving average of $30.00 and a 200-day moving average of $28.60. The firm has a market cap of $25.18 billion, a price-to-earnings ratio of 12.45 and a beta of 1.40.

Corning (NYSE:GLW) last released 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 business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post $1.71 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.22%. Corning’s dividend payout ratio is presently 27.93%.

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A number of research analysts have issued reports on GLW shares. Drexel Hamilton increased their target price on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research report on Wednesday, April 26th. Deutsche Bank AG restated a “buy” rating and set a $33.00 target price (up previously from $30.00) on shares of Corning in a research report on Saturday, April 29th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $29.00 target price on shares of Corning in a research report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Corning has a consensus rating of “Hold” and an average target price of $28.08.

In other Corning news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. In the last three months, insiders sold 301,200 shares of company stock valued at $8,875,820. Corporate insiders own 0.59% of the company’s stock.

About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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