Everett Harris & Co. CA acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 7,740 shares of the electronics maker’s stock, valued at approximately $200,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Corning by 79.5% in the first quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock valued at $890,295,000 after purchasing an additional 19,190,516 shares during the period. Invesco Ltd. increased its position in shares of Corning by 120.3% in the first quarter. Invesco Ltd. now owns 9,835,832 shares of the electronics maker’s stock worth $202,029,000 after purchasing an additional 5,370,587 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Corning by 47.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,762,964 shares of the electronics maker’s stock worth $123,361,000 after buying an additional 1,543,345 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Corning by 148.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,126,266 shares of the electronics maker’s stock valued at $43,673,000 after buying an additional 1,271,063 shares during the period. Finally, Randolph Co Inc acquired a new position in shares of Corning in the 1st quarter valued at approximately $15,901,000. Institutional investors own 72.96% of the company’s stock.

In related news, EVP Clark S. Kinlin sold 28,840 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the sale, the executive vice president now owns 80,881 shares of the company’s stock, valued at approximately $2,491,134.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 94,928 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $31.07, for a total value of $2,949,412.96. The disclosure for this sale can be found here. In the last three months, insiders sold 186,762 shares of company stock worth $5,812,645. Insiders own 0.47% of the company’s stock.

GLW has been the topic of a number of research reports. Citigroup boosted their target price on shares of Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday. Susquehanna Bancshares reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Corning in a research note on Tuesday. Morgan Stanley raised their price target on shares of Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $25.00 to $36.00 in a research note on Thursday, July 16th. Finally, Oppenheimer assumed coverage on shares of Corning in a research report on Tuesday. They set a “hold” rating for the company. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $31.73.

NYSE:GLW opened at $31.00 on Friday. The company has a market capitalization of $23.59 billion, a P/E ratio of 310.03, a P/E/G ratio of 13.94 and a beta of 1.10. The business has a fifty day simple moving average of $27.43 and a two-hundred day simple moving average of $24.73. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.27 and a quick ratio of 1.44. Corning Incorporated has a 1 year low of $17.44 and a 1 year high of $31.82.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.13. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter in the prior year, the company earned $0.45 EPS. The firm’s quarterly revenue was down 11.6% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be paid a $0.22 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.88 annualized dividend and a dividend yield of 2.84%. Corning’s payout ratio is 50.00%.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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