Argus Investors Counsel Inc. cut its position in Corning Inc. (NYSE:GLW) by 6.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,495 shares of the company’s stock after selling 13,900 shares during the period. Argus Investors Counsel Inc.’s holdings in Corning were worth $4,393,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Patten & Patten Inc. TN raised its position in Corning by 1.3% in the second quarter. Patten & Patten Inc. TN now owns 11,061 shares of the company’s stock worth $227,000 after buying an additional 139 shares during the period. First Manhattan Co. raised its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the period. DORCHESTER WEALTH MANAGEMENT Co raised its position in Corning by 1.8% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 11,200 shares of the company’s stock worth $229,000 after buying an additional 200 shares during the period. Ken Stern & Associates Inc. raised its position in Corning by 1.6% in the second quarter. Ken Stern & Associates Inc. now owns 18,664 shares of the company’s stock worth $382,000 after buying an additional 298 shares during the period. Finally, Rothschild Investment Corp IL raised its position in Corning by 0.3% in the second quarter. Rothschild Investment Corp IL now owns 119,370 shares of the company’s stock worth $2,445,000 after buying an additional 300 shares during the period. 73.64% of the stock is currently owned by institutional investors and hedge funds.

Corning Inc. (NYSE:GLW) traded up 0.35% during midday trading on Monday, hitting $22.70. 6,141,630 shares of the stock traded hands. The company has a market cap of $23.54 billion, a PE ratio of 12.51 and a beta of 1.44. Corning Inc. has a one year low of $16.13 and a one year high of $23.13. The company’s 50-day moving average is $22.66 and its 200-day moving average is $20.85.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. Equities research analysts expect that Corning Inc. will post $1.43 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Monday, August 29th. Corning’s dividend payout ratio is currently 29.51%.

A number of research analysts have weighed in on the stock. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Argus reaffirmed a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Bank of America Corp. lowered shares of Corning from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $42.00 to $28.00 in a research report on Friday, June 10th. Vetr lowered shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price target on the stock. in a research report on Thursday, July 7th. Finally, Drexel Hamilton lowered shares of Corning from a “hold” rating to a “sell” rating and reduced their price target for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of C$22.25.

In other Corning news, VP Martin J. Curran sold 54,416 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the transaction, the vice president now owns 32,115 shares of the company’s stock, valued at C$734,470.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Eric S. Musser sold 56,853 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

About Corning

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.

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