Adirondack Research & Management Inc. Makes New $350,000 Investment in Corning Incorporated (NYSE:GLW)

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Adirondack Research & Management Inc. bought a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,522 shares of the electronics maker’s stock, valued at approximately $350,000.

A number of other hedge funds have also modified their holdings of GLW. Vanguard Group Inc. increased its holdings in shares of Corning by 17.3% during the second quarter. Vanguard Group Inc. now owns 75,624,176 shares of the electronics maker’s stock valued at $1,958,666,000 after acquiring an additional 11,133,114 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Corning by 79.5% during the first quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock valued at $890,295,000 after acquiring an additional 19,190,516 shares in the last quarter. State Street Corp increased its holdings in shares of Corning by 0.7% during the first quarter. State Street Corp now owns 37,563,385 shares of the electronics maker’s stock valued at $771,552,000 after acquiring an additional 255,429 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Corning by 4.1% during the first quarter. Geode Capital Management LLC now owns 12,151,043 shares of the electronics maker’s stock valued at $249,251,000 after acquiring an additional 479,204 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Corning by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 10,081,390 shares of the electronics maker’s stock valued at $261,110,000 after acquiring an additional 211,078 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Several brokerages recently issued reports on GLW. Susquehanna Bancshares reaffirmed a “hold” rating and set a $26.00 target price on shares of Corning in a research report on Tuesday, July 28th. Oppenheimer began coverage on Corning in a research report on Tuesday, July 28th. They set a “hold” rating on the stock. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $25.00 to $36.00 in a research report on Thursday, July 16th. Morgan Stanley lifted their target price on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. Finally, Barclays lifted their target price on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 29th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $31.90.

Shares of NYSE:GLW traded up $0.15 during midday trading on Friday, reaching $32.05. 5,445,569 shares of the company traded hands, compared to its average volume of 3,879,901. The company has a quick ratio of 1.53, a current ratio of 2.27 and a debt-to-equity ratio of 0.79. Corning Incorporated has a 12 month low of $17.44 and a 12 month high of $33.86. The firm has a market capitalization of $24.41 billion, a price-to-earnings ratio of 320.53 and a beta of 1.14. The firm’s fifty day moving average price is $31.42 and its two-hundred day moving average price is $25.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.13. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was down 11.6% compared to the same quarter last year. Analysts forecast that Corning Incorporated will post 1.2 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, August 28th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.75%. Corning’s payout ratio is 50.00%.

In other Corning news, CEO Wendell P. Weeks sold 94,928 shares of the company’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $31.07, for a total value of $2,949,412.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Martin J. Curran sold 34,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $31.08, for a total value of $1,056,720.00. Following the completion of the transaction, the vice president now owns 20,154 shares in the company, valued at $626,386.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,762 shares of company stock worth $5,812,645. 0.47% of the stock is currently owned by corporate insiders.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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