Gateway Investment Advisers LLC Has $27.39 Million Position in Corning Incorporated (GLW)

Gateway Investment Advisers LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 0.2% during the second quarter, Holdings Channel reports. The institutional investor owned 911,604 shares of the electronics maker’s stock after buying an additional 1,538 shares during the period. Gateway Investment Advisers LLC’s holdings in Corning were worth $27,394,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Telemus Capital LLC raised its position in shares of Corning by 12.0% in the first quarter. Telemus Capital LLC now owns 36,209 shares of the electronics maker’s stock worth $978,000 after buying an additional 3,880 shares in the last quarter. Howe & Rusling Inc. raised its position in shares of Corning by 7.6% in the first quarter. Howe & Rusling Inc. now owns 7,656 shares of the electronics maker’s stock worth $207,000 after buying an additional 543 shares in the last quarter. Pinnacle Bank bought a new position in shares of Corning during the first quarter worth approximately $136,000. First National Bank & Trust Co. of Newtown raised its position in shares of Corning by 2.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 65,806 shares of the electronics maker’s stock worth $1,777,000 after buying an additional 1,740 shares in the last quarter. Finally, Atria Investments LLC raised its position in shares of Corning by 26.2% in the first quarter. Atria Investments LLC now owns 26,984 shares of the electronics maker’s stock worth $729,000 after buying an additional 5,596 shares in the last quarter. 74.19% of the stock is currently owned by institutional investors and hedge funds.

Shares of Corning Incorporated (NYSE:GLW) traded up 1.3847% during mid-day trading on Friday, hitting $28.9656. The stock had a trading volume of 1,788,046 shares. The stock has a market capitalization of $26.16 billion, a P/E ratio of 12.9368 and a beta of 1.40. The stock has a 50 day moving average of $30.28 and a 200-day moving average of $28.50. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. Corning’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $0.37 EPS. On average, equities research analysts predict that Corning Incorporated will post $1.71 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.155 per share. 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 2.17%. Corning’s payout ratio is currently 27.93%.

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A number of brokerages have recently commented on GLW. Drexel Hamilton reissued a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reissued a “hold” rating and set a $27.50 price objective on shares of Corning in a report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective on the stock 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. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.81.

In other Corning news, insider Lisa Ferrero sold 56,500 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $29.09, for a total transaction of $1,643,585.00. Following the completion of the sale, the insider now directly owns 16,808 shares in the company, valued at approximately $488,944.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the sale, the insider now 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 quarter, insiders have sold 387,700 shares of company stock valued at $11,389,405. Company 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).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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