Cullen Frost Bankers Inc. lowered its stake in shares of Corning Inc. (NYSE:GLW) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,169,401 shares of the company’s stock after selling 16,980 shares during the period. Corning accounts for 0.9% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 25th largest position. Cullen Frost Bankers Inc.’s holdings in Corning were worth $23,949,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. 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. HHG & Company LLC increased its stake in shares of Corning by 92.9% in the first quarter. HHG & Company LLC now owns 42,772 shares of the company’s stock valued at $894,000 after buying an additional 20,600 shares during the period. Raymond James Trust N.A. increased its stake in shares of Corning by 28.7% in the first quarter. Raymond James Trust N.A. now owns 42,890 shares of the company’s stock valued at $896,000 after buying an additional 9,552 shares during the period. OLD National Bancorp IN increased its stake in shares of Corning by 30.7% in the first quarter. OLD National Bancorp IN now owns 49,412 shares of the company’s stock valued at $1,032,000 after buying an additional 11,605 shares during the period. Finally, Lincluden Management Ltd. increased its stake in shares of Corning by 11.6% in the first quarter. Lincluden Management Ltd. now owns 437,472 shares of the company’s stock valued at $9,139,000 after buying an additional 45,645 shares during the period. 73.64% of the stock is owned by institutional investors.

Corning Inc. (NYSE:GLW) traded up 0.65% on Thursday, hitting $23.11. 8,373,873 shares of the company were exchanged. The company has a market capitalization of $23.96 billion, a P/E ratio of 12.73 and a beta of 1.44. The firm’s 50 day moving average is $22.69 and its 200 day moving average is $20.90. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $23.23.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. Corning’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Corning Inc. will post $1.42 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.135 per share. The ex-dividend date is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.34%. Corning’s payout ratio is 29.51%.

Several equities research analysts recently weighed in on GLW shares. Vetr downgraded shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target for the company. in a research report on Tuesday, May 31st. Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and reduced their price target for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Bank of America Corp. downgraded shares of Corning from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $42.00 to $28.00 in a research report on Friday, June 10th. Finally, Standpoint Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Three 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. Corning presently has an average rating of “Hold” and a consensus target price of C$21.45.

In other Corning news, insider James P. Clappin sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$22.00, for a total transaction of C$330,000.00. Following the transaction, the insider now owns 81,589 shares in the company, valued at approximately C$1,794,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 54,416 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the transaction, the vice president now owns 32,115 shares in the company, valued at approximately C$734,470.05. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

About Corning

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

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Inc. (NYSE:GLW).

Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.