KCM Investment Advisors LLC purchased a new stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,039 shares of the electronics maker’s stock, valued at approximately $212,000.

Other institutional investors also recently added to or reduced their stakes in the company. Jacobus Wealth Management Inc. acquired a new stake in Corning in the 1st quarter valued at $108,000. Central Bank & Trust Co. grew its stake in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after acquiring an additional 345 shares during the period. Clean Yield Group acquired a new stake in Corning in the 1st quarter valued at $122,000. Grove Bank & Trust grew its stake in Corning by 31.7% in the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 1,265 shares during the period. Finally, AT Bancorp acquired a new stake in Corning in the 2nd quarter valued at $184,000. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Corning Incorporated (NYSE GLW) opened at 30.05 on Friday. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The company has a 50-day moving average of $28.89 and a 200 day moving average of $28.87. The stock has a market capitalization of $27.14 billion, a price-to-earnings ratio of 13.42 and a beta of 1.40.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company earned $0.37 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current fiscal year.

The firm 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. This represents a $0.62 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is 27.93%.

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

GLW has been the topic of a number of research analyst reports. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reissued a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $29.00 target price (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a research note on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning currently has a consensus rating of “Hold” and a consensus price target of $28.98.

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).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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