ProShare Advisors LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 24.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,916 shares of the electronics maker’s stock after purchasing an additional 37,621 shares during the quarter. ProShare Advisors LLC’s holdings in Corning were worth $5,677,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Clark Capital Management Group Inc. acquired a new position in Corning during the 1st quarter worth approximately $14,879,000. AXA increased its position in Corning by 7.1% during the 1st quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after purchasing an additional 17,315 shares in the last quarter. Vanguard Group Inc. increased its position in Corning by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after purchasing an additional 326,877 shares in the last quarter. Amalgamated Bank increased its position in Corning by 6.1% during the 1st quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after purchasing an additional 3,862 shares in the last quarter. Finally, Legal & General Group Plc increased its position in Corning by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock worth $152,175,000 after purchasing an additional 144,400 shares in the last quarter. Institutional investors and hedge funds own 71.30% of the company’s stock.

In related news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction on 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 transaction, 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 ninety days, insiders sold 127,888 shares of company stock worth $3,653,485. 0.59% of the stock is owned by insiders.

A number of equities analysts recently issued reports on GLW shares. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. 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 report on Wednesday, June 28th. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, August 15th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $29.00 target price (up from $26.00) on shares of Corning in a report on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning presently has an average rating of “Hold” and a consensus price target of $28.98.

Shares of Corning Incorporated (NYSE GLW) opened at 30.05 on Friday. The company has a market capitalization of $27.14 billion, a price-to-earnings ratio of 13.42 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The stock has a 50 day moving average of $28.89 and a 200-day moving average of $28.87.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is 27.93%.

WARNING: This story was first posted by Daily Political and is the sole property of of Daily Political. If you are viewing this story on another site, it was illegally copied and reposted in violation of U.S. and international copyright laws. The correct version of this story can be viewed at https://www.dailypolitical.com/2017/09/24/corning-incorporated-glw-shares-bought-by-proshare-advisors-llc.html.

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).

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

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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