Corning Incorporated (NYSE:GLW) Position Reduced by Genesee Valley Trust Co.

Genesee Valley Trust Co. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 9.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,390 shares of the electronics maker’s stock after selling 925 shares during the quarter. Genesee Valley Trust Co.’s holdings in Corning were worth $282,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Ifrah Financial Services Inc. increased its holdings in shares of Corning by 2.5% in the 2nd quarter. Ifrah Financial Services Inc. now owns 16,739 shares of the electronics maker’s stock valued at $503,000 after acquiring an additional 405 shares during the period. Geneva Advisors LLC increased its holdings in shares of Corning by 5.6% in the 2nd quarter. Geneva Advisors LLC now owns 11,639 shares of the electronics maker’s stock valued at $350,000 after acquiring an additional 622 shares during the period. RFG Advisory Group LLC acquired a new position in shares of Corning in the 2nd quarter valued at $244,000. MAI Capital Management increased its stake in Corning by 0.6% in the 2nd quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after buying an additional 95 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Corning by 1.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210,308 shares of the electronics maker’s stock valued at $96,470,000 after buying an additional 49,474 shares during the period. 71.35% of the stock is currently owned by institutional investors and hedge funds.

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In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares in the company, valued at approximately $3,893,220.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the sale, the vice president now owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The disclosure for this sale can be found here. Insiders have sold a total of 127,888 shares of company stock valued at $3,653,485 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.

GLW has been the topic of several recent research reports. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price objective on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price objective on shares of Corning in a research note on Friday, July 14th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $28.21.

Corning Incorporated (NYSE GLW) traded up 0.0462% on Friday, hitting $29.2635. 1,189,325 shares of the stock were exchanged. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17. The company’s 50-day moving average is $28.86 and its 200-day moving average is $28.82. The company has a market cap of $26.43 billion, a PE ratio of 13.0699 and a beta of 1.40.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company posted $0.37 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post $1.70 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 given a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.12%. Corning’s payout ratio is presently 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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