Front Street Capital Management Inc. lowered its holdings in Corning Incorporated (NYSE:GLW) by 0.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 359,300 shares of the electronics maker’s stock after selling 2,855 shares during the quarter. Corning comprises 4.2% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 7th biggest holding. Front Street Capital Management Inc.’s holdings in Corning were worth $10,797,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Corning by 16.0% in the 2nd quarter. Principal Financial Group Inc. now owns 1,520,112 shares of the electronics maker’s stock valued at $45,679,000 after acquiring an additional 209,796 shares during the last quarter. Mirador Capital Partners LP purchased a new position in shares of Corning in the 2nd quarter valued at about $204,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Corning in the 2nd quarter valued at about $2,329,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Corning by 5.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 143,914 shares of the electronics maker’s stock valued at $4,325,000 after acquiring an additional 7,850 shares during the last quarter. Finally, Pacer Advisors Inc. increased its holdings in shares of Corning by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 21,729 shares of the electronics maker’s stock valued at $653,000 after acquiring an additional 1,672 shares during the last quarter. Institutional investors and hedge funds own 71.35% of the company’s stock.
A number of research analysts recently issued reports on GLW shares. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and set a $29.50 price target on shares of Corning in a research note on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $29.00 to $26.00 in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $28.21.
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Corning Incorporated (NYSE GLW) opened at 29.15 on Wednesday. The firm has a 50 day moving average price of $29.06 and a 200 day moving average price of $28.80. The stock has a market capitalization of $26.33 billion, a P/E ratio of 13.02 and a beta of 1.40. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the company earned $0.37 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post $1.70 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.
In related news, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was 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 directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 over the last three months. Corporate insiders own 0.59% of the company’s stock.
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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