5,700 Shares in Corning Incorporated (NYSE:GLW) Purchased by Baker Ellis Asset Management LLC

Baker Ellis Asset Management LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,700 shares of the electronics maker’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Lynx Investment Advisory bought a new position in Corning in the 2nd quarter worth about $55,000. Trust Co. of Vermont boosted its position in Corning by 6.4% during the second quarter. Trust Co. of Vermont now owns 5,810 shares of the electronics maker’s stock valued at $226,000 after buying an additional 350 shares during the period. Rise Advisors LLC grew its stake in shares of Corning by 24.7% during the second quarter. Rise Advisors LLC now owns 2,081 shares of the electronics maker’s stock valued at $81,000 after buying an additional 412 shares during the last quarter. Burns Matteson Capital Management LLC increased its holdings in shares of Corning by 2.7% in the second quarter. Burns Matteson Capital Management LLC now owns 837,733 shares of the electronics maker’s stock worth $32,546,000 after buying an additional 22,420 shares during the period. Finally, Thompson Investment Management Inc. lifted its stake in shares of Corning by 3.1% in the 2nd quarter. Thompson Investment Management Inc. now owns 82,925 shares of the electronics maker’s stock valued at $3,222,000 after acquiring an additional 2,484 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Down 1.0 %

Shares of GLW traded down $0.40 during midday trading on Wednesday, hitting $37.93. The stock had a trading volume of 2,739,099 shares, compared to its average volume of 6,237,063. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 1.02. The stock’s 50 day moving average is $40.34 and its 200 day moving average is $35.40. The firm has a market cap of $32.49 billion, a PE ratio of 53.82, a price-to-earnings-growth ratio of 1.50 and a beta of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is 157.75%.

Analysts Set New Price Targets

A number of brokerages have commented on GLW. Barclays lifted their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Mizuho lifted their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.23.

Insider Activity

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.40% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.