Corbenic Partners LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 31.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,348 shares of the electronics maker’s stock after selling 36,517 shares during the quarter. Corning makes up 3.4% of Corbenic Partners LLC’s portfolio, making the stock its 9th largest position. Corbenic Partners LLC’s holdings in Corning were worth $2,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position in Corning by 0.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after purchasing an additional 33 shares during the period. Wedbush Securities Inc. increased its position in Corning by 0.4% during the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after purchasing an additional 41 shares during the period. MAI Capital Management increased its position in Corning by 0.6% during the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after purchasing an additional 95 shares during the period. Global X Management Co. LLC increased its position in Corning by 1.6% during the 2nd quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after purchasing an additional 113 shares during the period. Finally, Capital Investment Counsel Inc increased its position in Corning by 0.3% during the 2nd quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock valued at $1,629,000 after purchasing an additional 137 shares during the period. Institutional investors own 71.30% of the company’s stock.

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A number of research analysts have commented on the stock. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, August 15th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and cut their target price for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $28.90.

In other Corning news, insider Clark S. Kinlin sold 46,763 shares of the 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 transaction, the insider now directly 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 is accessible through the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the completion of the transaction, the vice president now owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock worth $3,653,485 over the last quarter. 0.59% of the stock is currently owned by insiders.

Corning Incorporated (NYSE:GLW) traded up 0.213% during mid-day trading on Thursday, reaching $30.535. 1,897,641 shares of the company’s stock traded hands. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The stock has a market capitalization of $27.58 billion, a PE ratio of 13.638 and a beta of 1.38. The stock’s 50 day moving average is $29.17 and its 200-day moving average is $29.07.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.37 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post $1.70 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders 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 annualized dividend and a yield of 2.03%. Corning’s dividend payout ratio is currently 27.93%.

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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