Ontario Teachers Pension Plan Board reduced its position in shares of Corning Incorporated (NYSE:GLW) by 84.9% in the second quarter, Holdings Channel reports. The fund owned 29,465 shares of the electronics maker’s stock after selling 165,704 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Corning were worth $811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Institutional & Family Asset Management LLC bought a new stake in Corning in the first quarter worth $101,000. Founders Capital Management bought a new stake in Corning in the second quarter worth $105,000. Private Capital Group LLC lifted its position in Corning by 1,455.7% in the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after buying an additional 3,683 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after buying an additional 4,584 shares during the last quarter. Finally, Smithfield Trust Co. lifted its position in Corning by 55.0% in the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock worth $157,000 after buying an additional 2,028 shares during the last quarter. Hedge funds and other institutional investors own 70.33% of the company’s stock.

A number of analysts recently issued reports on GLW shares. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Tuesday, June 26th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Guggenheim reiterated a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Finally, Goldman Sachs Group upgraded Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price for the company in a research report on Wednesday, June 20th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $33.65.

NYSE:GLW opened at $33.53 on Friday. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $35.10. The firm has a market cap of $26.99 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 2.35 and a beta of 1.35. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44.

Corning (NYSE:GLW) last released its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period last year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. sell-side analysts anticipate that Corning Incorporated will post 1.73 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.15%. Corning’s dividend payout ratio (DPR) is 41.86%.

In other news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the transaction, the vice president now owns 60,403 shares in the company, valued at $2,033,164.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Christine M. Pambianchi sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total value of $334,200.00. Following the transaction, the vice president now owns 50,403 shares in the company, valued at approximately $1,684,468.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 416,605 shares of company stock valued at $13,600,498. Corporate insiders own 0.46% of the company’s stock.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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