Beach Investment Management LLC. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 8,700 shares of the electronics maker’s stock, valued at approximately $261,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Palladium Partners LLC boosted its position in Corning by 1.5% during the 2nd quarter. Palladium Partners LLC now owns 24,996 shares of the electronics maker’s stock valued at $751,000 after buying an additional 375 shares during the period. Chicago Partners Investment Group LLC boosted its position in Corning by 288.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 41,790 shares of the electronics maker’s stock valued at $1,138,000 after buying an additional 31,019 shares during the period. IFP Advisors Inc boosted its position in Corning by 1.2% during the 2nd quarter. IFP Advisors Inc now owns 25,936 shares of the electronics maker’s stock valued at $779,000 after buying an additional 304 shares during the period. Telemus Capital LLC boosted its position in Corning by 10.1% during the 2nd quarter. Telemus Capital LLC now owns 39,858 shares of the electronics maker’s stock valued at $1,198,000 after buying an additional 3,649 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its position in Corning by 141.0% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 1,100,838 shares of the electronics maker’s stock valued at $33,082,000 after buying an additional 644,122 shares during the period. 71.30% of the stock is owned by institutional investors and hedge funds.

In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction dated 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 sale, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 over the last 90 days. 0.59% of the stock is currently owned by corporate insiders.

Corning Incorporated (GLW) opened at 30.10 on Friday. The company has a 50 day moving average of $28.89 and a 200 day moving average of $28.87. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The company has a market capitalization of $27.19 billion, a price-to-earnings ratio of 13.44 and a beta of 1.40.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. On average, equities analysts forecast that Corning Incorporated will post $1.70 EPS for the current fiscal year.

The company 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. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. Corning’s payout ratio is currently 27.93%.

ILLEGAL ACTIVITY NOTICE: “8,700 Shares in Corning Incorporated (GLW) Acquired by Beach Investment Management LLC.” was first posted by Watch List News and is the property of of Watch List News. If you are reading this report on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright laws. The original version of this report can be read at https://www.watchlistnews.com/8700-shares-in-corning-incorporated-glw-acquired-by-beach-investment-management-llc/1579277.html.

Several equities research analysts have weighed in on the stock. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Thursday. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. BidaskClub cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.98.

About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with Analyst Ratings Network's FREE daily email newsletter.