Brown Advisory Inc. boosted its stake in shares of Corning Inc. (NYSE:GLW) by 9.2% during the second quarter, Holdings Channel reports. The firm owned 238,140 shares of the company’s stock after buying an additional 20,067 shares during the period. Brown Advisory Inc.’s holdings in Corning were worth $4,878,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Culbertson A N & Co. Inc. purchased a new stake in shares of Corning during the first quarter valued at approximately $2,192,000. Bridge Creek Capital Management LLC increased its stake in shares of Corning by 1.7% in the first quarter. Bridge Creek Capital Management LLC now owns 103,110 shares of the company’s stock valued at $2,154,000 after buying an additional 1,680 shares during the period. Coastline Trust Co increased its stake in shares of Corning by 0.9% in the first quarter. Coastline Trust Co now owns 52,770 shares of the company’s stock valued at $1,102,000 after buying an additional 450 shares during the period. BLB&B Advisors LLC increased its stake in shares of Corning by 1.0% in the first quarter. BLB&B Advisors LLC now owns 424,738 shares of the company’s stock valued at $8,873,000 after buying an additional 4,027 shares during the period. Finally, Sigma Planning Corp increased its stake in shares of Corning by 15.4% in the first quarter. Sigma Planning Corp now owns 13,570 shares of the company’s stock valued at $283,000 after buying an additional 1,808 shares during the period. 73.64% of the stock is currently owned by institutional investors.

Shares of Corning Inc. (NYSE:GLW) traded up 0.154% during midday trading on Tuesday, reaching $22.735. 1,301,995 shares of the company’s stock were exchanged. The company’s 50-day moving average is $22.66 and its 200-day moving average is $20.86. Corning Inc. has a one year low of $16.13 and a one year high of $23.13. The stock has a market cap of $23.57 billion, a P/E ratio of 12.526 and a beta of 1.44.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the business posted $0.38 EPS. The company’s revenue was up .7% on a year-over-year basis. Equities analysts expect that Corning Inc. will post $1.43 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be paid a $0.135 dividend. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is currently 29.51%.

GLW has been the topic of several research analyst reports. Vetr cut shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 target price on the stock. in a research note on Tuesday, May 31st. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and lowered their target price for the company from $21.03 to $14.50 in a research note on Friday, June 10th. They noted that the move was a valuation call. Bank of America Corp. cut shares of Corning from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $42.00 to $28.00 in a research note on Friday, June 10th. Finally, Standpoint Research cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of C$22.25.

In other news, insider R Tony Tripeny sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of C$22.27, for a total value of C$167,025.00. Following the completion of the sale, the insider now directly owns 48,221 shares of the company’s stock, valued at approximately C$1,073,881.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the sale, the vice president now directly owns 25,052 shares of the company’s stock, valued at C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.

Corning Company Profile

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.

5 Day Chart for NYSE:GLW

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