77,500 Shares in Corning Incorporated (GLW) Acquired by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 77,500 shares of the electronics maker’s stock, valued at approximately $2,329,000.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Corning by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after purchasing an additional 326,877 shares during the period. BlackRock Inc. increased its holdings in Corning by 1,930.0% in the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Corning by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after acquiring an additional 971,936 shares during the last quarter. Geode Capital Management LLC increased its holdings in Corning by 12.8% in the 1st quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after acquiring an additional 1,071,544 shares during the last quarter. Finally, Morgan Stanley increased its holdings in Corning by 20.0% in the 1st quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock valued at $236,202,000 after acquiring an additional 1,456,304 shares during the last quarter. Hedge funds and other institutional investors own 71.35% of the company’s stock.

Shares of Corning Incorporated (NYSE GLW) opened at 28.54 on Monday. The company’s 50-day moving average is $29.14 and its 200 day moving average is $28.77. The firm has a market capitalization of $25.78 billion, a PE ratio of 12.75 and a beta of 1.40. Corning Incorporated has a 52-week low of $22.14 and a 52-week high of $32.17.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company posted $0.37 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.

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A number of research firms have recently weighed in on GLW. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research 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 company’s stock. Corning presently has an average rating of “Hold” and a consensus target price of $28.21.

In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the company’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 directly owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 234,871 shares of company stock valued at $6,782,737. Corporate insiders own 0.59% of the company’s stock.

Corning 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).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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