Carnick & Kubik Group LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 6.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,200 shares of the electronics maker’s stock after selling 1,917 shares during the quarter. Carnick & Kubik Group LLC’s holdings in Corning were worth $748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Corning by 1.5% during the 1st quarter. BlackRock Inc. now owns 54,625,668 shares of the electronics maker’s stock valued at $1,522,963,000 after buying an additional 803,539 shares during the period. TCW Group Inc. lifted its holdings in shares of Corning by 5.6% during the 1st quarter. TCW Group Inc. now owns 6,212,465 shares of the electronics maker’s stock valued at $173,203,000 after buying an additional 328,291 shares during the period. Levin Capital Strategies L.P. lifted its holdings in shares of Corning by 23.2% during the 1st quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock valued at $156,693,000 after buying an additional 1,057,746 shares during the period. Schafer Cullen Capital Management Inc. lifted its holdings in shares of Corning by 2.8% during the 1st quarter. Schafer Cullen Capital Management Inc. now owns 3,815,451 shares of the electronics maker’s stock valued at $106,375,000 after buying an additional 105,018 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Corning by 4.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 3,468,136 shares of the electronics maker’s stock valued at $96,692,000 after buying an additional 136,777 shares during the period. 71.75% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Corning stock opened at $32.74 on Friday. Corning Incorporated has a one year low of $26.11 and a one year high of $35.10. The firm has a market capitalization of $26.97 billion, a P/E ratio of 20.68, a P/E/G ratio of 2.35 and a beta of 1.40. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the firm earned $0.42 EPS. Corning’s revenue for the quarter was up 10.0% compared to the same quarter last year. analysts forecast that Corning Incorporated will post 1.73 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.20%. Corning’s dividend payout ratio is presently 41.86%.

A number of equities analysts recently commented on the company. UBS Group raised their target price on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 26th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. TheStreet raised Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Tuesday, July 31st. Finally, Morgan Stanley raised their target price on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $33.68.

In other Corning news, CEO Wendell P. Weeks sold 224,884 shares of the firm’s stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $28.71, for a total transaction of $6,456,419.64. Following the sale, the chief executive officer now directly owns 111,835 shares of the company’s stock, valued at $3,210,782.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Edward A. Schlesinger sold 3,953 shares of the firm’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $33.46, for a total value of $132,267.38. Following the sale, the vice president now directly owns 25,991 shares in the company, valued at $869,658.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 612,264 shares of company stock worth $19,079,432. Insiders own 0.46% of the company’s stock.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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