Corning Incorporated (NYSE:GLW) Position Raised by Burns J W & Co. Inc. NY

Burns J W & Co. Inc. NY increased its stake in shares of Corning Incorporated (NYSE:GLW) by 0.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,330 shares of the electronics maker’s stock after buying an additional 2 shares during the period. Burns J W & Co. Inc. NY’s holdings in Corning were worth $581,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Davis R M Inc. boosted its position in shares of Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock worth $256,000 after buying an additional 32 shares in the last quarter. Peapack Gladstone Financial Corp boosted its position in shares of Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock worth $479,000 after buying an additional 195 shares in the last quarter. Smith Moore & CO. boosted its position in shares of Corning by 1.8% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock worth $309,000 after buying an additional 200 shares in the last quarter. Ronald Blue & Co. LLC boosted its position in shares of Corning by 2.1% in the first quarter. Ronald Blue & Co. LLC now owns 10,573 shares of the electronics maker’s stock worth $286,000 after buying an additional 221 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of Corning by 1.8% in the first quarter. Signaturefd LLC now owns 12,871 shares of the electronics maker’s stock worth $348,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 73.87% of the company’s stock.

Corning Incorporated (NYSE:GLW) traded up 0.32% on Friday, hitting $27.96. 2,752,735 shares of the stock traded hands. The firm has a market capitalization of $25.25 billion, a PE ratio of 12.49 and a beta of 1.40. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The stock has a 50 day moving average of $30.07 and a 200 day moving average of $28.59.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.54 billion. During the same period last year, the firm earned $0.37 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post $1.71 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.

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A number of research analysts have commented on the stock. Drexel Hamilton restated a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 price objective on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective for the company in a report on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. Two 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. The company has an average rating of “Hold” and an average target price of $28.08.

In related news, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the sale, the insider now owns 91,552 shares in the company, valued at $2,677,896. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold 357,700 shares of company stock worth $10,519,405 over the last three months. 0.59% of the stock is owned by insiders.

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).