Advisors Asset Management Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 50.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 112,757 shares of the electronics maker’s stock after selling 115,064 shares during the quarter. Advisors Asset Management Inc.’s holdings in Corning were worth $6,496,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Corning by 0.8% in the second quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock valued at $1,515,178,000 after buying an additional 451,656 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Corning by 5.3% in the second quarter. Bank of New York Mellon Corp now owns 12,247,720 shares of the electronics maker’s stock valued at $336,934,000 after buying an additional 617,467 shares during the last quarter. TCW Group Inc. raised its holdings in shares of Corning by 5.6% in the first quarter. TCW Group Inc. now owns 6,212,465 shares of the electronics maker’s stock valued at $173,203,000 after buying an additional 328,291 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Corning by 20.2% in the second quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock valued at $161,450,000 after buying an additional 986,397 shares during the last quarter. Finally, Levin Capital Strategies L.P. raised its holdings in shares of Corning by 23.2% in the first quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock valued at $156,693,000 after buying an additional 1,057,746 shares during the last quarter. 70.38% of the stock is owned by institutional investors and hedge funds.

NYSE:GLW traded up $0.79 on Friday, hitting $32.13. 7,891,119 shares of the stock were exchanged, compared to its average volume of 6,153,780. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $28.59 billion, a P/E ratio of 18.68, a P/E/G ratio of 2.49 and a beta of 1.35. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.73 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.24%. Corning’s dividend payout ratio (DPR) is presently 41.86%.

A number of research firms recently issued reports on GLW. Argus lifted their price target on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 price objective on Corning and gave the stock a “hold” rating in a report on Wednesday, September 26th. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $32.50 to $40.00 in a report on Friday, September 14th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Corning currently has an average rating of “Buy” and an average price target of $36.10.

In other news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the company’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the completion of the sale, the insider now directly owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $33.66, for a total value of $33,660.00. Following the completion of the sale, the vice president now directly owns 60,403 shares of the company’s stock, valued at $2,033,164.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 414,272 shares of company stock valued at $13,759,300. 0.46% of the stock is currently owned by company insiders.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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