L & S Advisors Inc lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 3.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,752 shares of the electronics maker’s stock after selling 3,420 shares during the period. L & S Advisors Inc’s holdings in Corning were worth $3,208,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after purchasing an additional 965,976 shares during the last quarter. BlackRock Inc. grew its holdings in Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after purchasing an additional 54,041,176 shares during the period. Bank of New York Mellon Corp increased its position in Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after buying an additional 971,936 shares during the last quarter. LSV Asset Management increased its position in Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after buying an additional 165,214 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after buying an additional 1,071,544 shares during the last quarter. 71.30% of the stock is currently owned by institutional investors.

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In related news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s 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 transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the transaction, the vice president now directly owns 73,145 shares in the company, valued at $2,089,021.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,888 shares of company stock valued at $3,653,485. Corporate insiders own 0.59% of the company’s stock.

Several brokerages have issued reports on GLW. Drexel Hamilton restated a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reaffirmed 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. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a research note on Wednesday, June 28th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price objective on shares of Corning in a 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 issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $28.98.

Shares of Corning Incorporated (NYSE:GLW) traded up 0.07% during midday trading on Monday, hitting $29.94. The company had a trading volume of 1,022,494 shares. The firm has a market capitalization of $27.04 billion, a P/E ratio of 13.37 and a beta of 1.38. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The stock has a 50 day moving average price of $28.89 and a 200 day moving average price of $28.87.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Zacks’ 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 business had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the firm earned $0.37 earnings per share. The business’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post $1.70 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, August 31st were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Tuesday, August 29th. Corning’s dividend payout ratio (DPR) is 27.93%.

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)

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