Global Financial Private Capital LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 54,191 shares of the electronics maker’s stock, valued at approximately $1,628,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board boosted its stake in shares of Corning by 7.6% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 294,785 shares of the electronics maker’s stock worth $8,858,000 after purchasing an additional 20,769 shares during the period. Veritable L.P. boosted its stake in shares of Corning by 13.1% during the 2nd quarter. Veritable L.P. now owns 60,896 shares of the electronics maker’s stock worth $1,830,000 after purchasing an additional 7,069 shares during the period. Evercore Wealth Management LLC boosted its stake in shares of Corning by 3.0% during the 2nd quarter. Evercore Wealth Management LLC now owns 11,263 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 331 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Corning by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,033,734 shares of the electronics maker’s stock worth $241,442,000 after purchasing an additional 84,743 shares during the period. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Corning by 2.1% during the 2nd quarter. Baker Avenue Asset Management LP now owns 141,321 shares of the electronics maker’s stock worth $4,247,000 after purchasing an additional 2,893 shares during the period. 71.30% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have issued reports on the stock. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research report on Monday, July 10th. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $28.98.

Corning Incorporated (GLW) opened at 29.92 on Friday. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The company’s 50 day moving average is $28.89 and its 200 day moving average is $28.87. The company has a market cap of $27.02 billion, a price-to-earnings ratio of 13.36 and a beta of 1.40.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post $1.70 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, August 31st were paid a $0.155 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.07%. Corning’s dividend payout ratio is currently 27.93%.

In related news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred on 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 approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 in the last quarter. 0.59% of the stock is owned by insiders.

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Corning 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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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