Union Bankshares Corp raised its position in Corning Incorporated (NYSE:GLW) by 4.7% during the second quarter, Holdings Channel reports. The fund owned 151,515 shares of the electronics maker’s stock after buying an additional 6,788 shares during the period. Corning accounts for approximately 1.6% of Union Bankshares Corp’s holdings, making the stock its 24th largest position. Union Bankshares Corp’s holdings in Corning were worth $4,553,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Davis R M Inc. raised its stake in Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares in the last quarter. Peapack Gladstone Financial Corp raised its stake in Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock valued at $479,000 after buying an additional 195 shares in the last quarter. Smith Moore & CO. raised its stake in Corning by 1.8% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock valued at $309,000 after buying an additional 200 shares in the last quarter. Ronald Blue & Co. LLC raised its stake in Corning by 2.1% in the first quarter. Ronald Blue & Co. LLC now owns 10,573 shares of the electronics maker’s stock valued at $286,000 after buying an additional 221 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Corning by 1.8% in the first quarter. Signaturefd LLC now owns 12,871 shares of the electronics maker’s stock valued at $348,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 74.19% of the company’s stock.

Corning Incorporated (GLW) traded up 1.44% during trading on Friday, hitting $28.98. 3,743,820 shares of the stock traded hands. The stock has a market cap of $26.17 billion, a PE ratio of 12.94 and a beta of 1.40. The company has a 50-day moving average price of $30.26 and a 200-day moving average price of $28.53. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post $1.71 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.14%. Corning’s dividend payout ratio is presently 27.93%.

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Several research firms recently issued reports on GLW. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a research report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.81.

In other news, insider Clark S. Kinlin sold 40,717 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the sale, the insider now owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the sale, the insider now directly owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The disclosure for this sale can be found here. In the last three months, insiders sold 387,700 shares of company stock valued at $11,389,405. Corporate 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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