United Bank Inc. Has $735,000 Stake in Corning Incorporated (GLW)

United Bank Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 8.8% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 24,448 shares of the electronics maker’s stock after buying an additional 1,984 shares during the period. United Bank Inc.’s holdings in Corning were worth $735,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the last quarter. BlackRock Inc. boosted its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Geode Capital Management LLC boosted its position in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after buying an additional 1,071,544 shares during the last quarter. Morgan Stanley boosted its position in Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock valued at $236,202,000 after buying an additional 1,456,304 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock valued at $214,656,000 after buying an additional 53,440 shares during the last quarter. 72.66% of the stock is owned by institutional investors.

Shares of Corning Incorporated (NYSE GLW) traded down 0.81% during midday trading on Friday, reaching $29.25. The company had a trading volume of 9,132,054 shares. The firm has a market cap of $26.42 billion, a P/E ratio of 13.06 and a beta of 1.41. Corning Incorporated has a 52-week low of $22.07 and a 52-week high of $32.17. The company’s 50-day moving average is $30.32 and its 200-day moving average is $28.22.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 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 business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post $1.71 EPS for the current fiscal year.

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.12%. Corning’s payout ratio is 27.93%.

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GLW has been the subject of several recent analyst reports. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price target on shares of Corning in a research note on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 price target on shares of Corning in a research note on Wednesday, April 26th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price target on shares of Corning in a research note on Wednesday. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price target on shares of Corning in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.81.

In other Corning news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 416,358 shares of company stock valued at $12,224,089. Insiders own 0.59% of the company’s stock.

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).