Bonness Enterprises Inc. maintained its stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, Holdings Channel reports. The fund owned 58,000 shares of the electronics maker’s stock at the end of the second quarter. Corning comprises 1.3% of Bonness Enterprises Inc.’s holdings, making the stock its 24th largest position. Bonness Enterprises Inc.’s holdings in Corning were worth $1,743,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Waverton Investment Management Ltd boosted its stake in shares of Corning by 3.8% in the second quarter. Waverton Investment Management Ltd now owns 25,142 shares of the electronics maker’s stock worth $756,000 after buying an additional 921 shares in the last quarter. Atria Investments LLC boosted its stake in shares of Corning by 2.2% in the second quarter. Atria Investments LLC now owns 27,584 shares of the electronics maker’s stock worth $829,000 after buying an additional 600 shares in the last quarter. Berson & Corrado Investment Advisors LLC boosted its stake in shares of Corning by 6.2% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 106,470 shares of the electronics maker’s stock worth $3,199,000 after buying an additional 6,182 shares in the last quarter. Capital One National Association boosted its stake in shares of Corning by 8.9% in the second quarter. Capital One National Association now owns 20,730 shares of the electronics maker’s stock worth $623,000 after buying an additional 1,701 shares in the last quarter. Finally, BKD Wealth Advisors LLC boosted its stake in shares of Corning by 95.8% in the second quarter. BKD Wealth Advisors LLC now owns 15,466 shares of the electronics maker’s stock worth $465,000 after buying an additional 7,567 shares in the last quarter. Hedge funds and other institutional investors own 74.19% of the company’s stock.

Corning Incorporated (GLW) traded down 1.686% during trading on Thursday, reaching $28.865. 2,008,627 shares of the company were exchanged. The stock has a market capitalization of $26.07 billion, a price-to-earnings ratio of 12.892 and a beta of 1.40. The firm’s 50 day moving average price is $30.31 and its 200-day moving average price is $28.50. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.

Corning (NYSE:GLW) last released its quarterly earnings data 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. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 earnings per share. On average, equities research analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is presently 27.93%.

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A number of brokerages have commented on GLW. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research note on Thursday, July 27th. Jefferies Group LLC reiterated a “hold” rating and issued a $29.50 price target on shares of Corning in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Finally, Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Corning presently has a consensus rating of “Hold” and an average target price of $27.81.

In other Corning news, insider Lewis A. Steverson sold 30,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the sale, the insider now directly owns 3,859 shares of the company’s stock, valued at $111,911. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 387,700 shares of company stock worth $11,389,405. Insiders own 0.59% of the company’s stock.

Corning Company Profile

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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