Argus Investors Counsel Inc. decreased its stake in Corning Incorporated (NYSE:GLW) by 8.0% during the second quarter, Holdings Channel reports. The fund owned 150,603 shares of the electronics maker’s stock after selling 13,042 shares during the period. Corning accounts for about 2.0% of Argus Investors Counsel Inc.’s portfolio, making the stock its 18th largest position. Argus Investors Counsel Inc.’s holdings in Corning were worth $4,526,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. Highbridge Capital Management LLC acquired a new stake in Corning during the fourth quarter valued at $226,000. Macquarie Group Ltd. boosted its stake in Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock valued at $852,000 after buying an additional 4,300 shares during the last quarter. Carroll Financial Associates Inc. boosted its stake in Corning by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 5,556 shares of the electronics maker’s stock valued at $150,000 after buying an additional 413 shares during the last quarter. Legacy Private Trust Co. boosted its stake in Corning by 2.7% in the first quarter. Legacy Private Trust Co. now owns 50,760 shares of the electronics maker’s stock valued at $1,371,000 after buying an additional 1,320 shares during the last quarter. Finally, Murphy Capital Management Inc. acquired a new stake in Corning during the first quarter valued at $281,000. Hedge funds and other institutional investors own 74.19% of the company’s stock.

Corning Incorporated (NYSE GLW) traded down 2.08% on Thursday, hitting $28.75. The stock had a trading volume of 2,996,495 shares. Corning Incorporated has a 12-month low of $22.14 and a 12-month high of $32.17. The company has a market cap of $25.97 billion, a price-to-earnings ratio of 12.84 and a beta of 1.40. The company’s 50 day moving average price is $30.31 and its 200-day moving average price is $28.50.

Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the business posted $0.37 EPS. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Corning Incorporated will post $1.71 EPS for the current year.

The company also recently announced 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 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.

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Several equities research analysts recently weighed in on GLW shares. Stifel Nicolaus restated a “hold” rating and set a $26.00 target price on shares of Corning in a research note on Wednesday, April 12th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Friday, April 21st. Drexel Hamilton boosted their target price on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research note on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $29.00 target price on shares of Corning in a research note on Wednesday, April 26th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $33.00 target price (up previously from $32.00) on shares of Corning in a research note on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning presently has an average rating of “Hold” and a consensus target price of $27.81.

In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the transaction, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 387,700 shares of company stock worth $11,389,405. 0.59% of the stock is currently owned by company insiders.

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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