Ingalls & Snyder LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,563 shares of the electronics maker’s stock after selling 3,400 shares during the period. Ingalls & Snyder LLC’s holdings in Corning were worth $1,184,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mutual of America Capital Management LLC increased its holdings in Corning by 27.9% in the third quarter. Mutual of America Capital Management LLC now owns 245,701 shares of the electronics maker’s stock valued at $7,351,000 after purchasing an additional 53,554 shares during the period. Moloney Securities Asset Management LLC increased its holdings in Corning by 1.6% in the third quarter. Moloney Securities Asset Management LLC now owns 105,060 shares of the electronics maker’s stock valued at $3,143,000 after purchasing an additional 1,703 shares during the period. PGGM Investments increased its holdings in Corning by 1.8% in the third quarter. PGGM Investments now owns 1,965,116 shares of the electronics maker’s stock valued at $58,796,000 after purchasing an additional 35,195 shares during the period. Shell Asset Management Co. increased its holdings in Corning by 21.4% in the third quarter. Shell Asset Management Co. now owns 194,202 shares of the electronics maker’s stock valued at $3,756,000 after purchasing an additional 34,273 shares during the period. Finally, Eqis Capital Management Inc. increased its holdings in Corning by 10.0% in the third quarter. Eqis Capital Management Inc. now owns 40,464 shares of the electronics maker’s stock valued at $1,211,000 after purchasing an additional 3,693 shares during the period. Institutional investors and hedge funds own 71.29% of the company’s stock.

A number of brokerages have weighed in on GLW. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target for the company in a report on Wednesday, June 28th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Jefferies Group LLC reiterated a “hold” rating and set a $27.50 price target on shares of Corning in a report on Friday, July 14th. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Corning has an average rating of “Hold” and a consensus price target of $28.90.

In related news, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares in the company, valued at $2,089,021.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 in the last quarter. 0.59% of the stock is owned by corporate insiders.

Shares of Corning Incorporated (NYSE:GLW) opened at 30.08 on Monday. The firm has a market capitalization of $27.17 billion, a P/E ratio of 13.43 and a beta of 1.38. The stock has a 50 day moving average price of $29.70 and a 200 day moving average price of $29.28. Corning Incorporated has a 52 week low of $22.23 and a 52 week high of $32.17.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.37 earnings per share. Corning’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post $1.69 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is currently 27.93%.

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Corning Company Profile

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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