Corning Incorporated (NYSE:GLW) Shares Sold by Rampart Investment Management Company LLC

Rampart Investment Management Company LLC lowered its position in Corning Incorporated (NYSE:GLW) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,791 shares of the electronics maker’s stock after selling 6,692 shares during the quarter. Rampart Investment Management Company LLC’s holdings in Corning were worth $3,183,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GLW. Cetera Advisor Networks LLC raised its stake in shares of Corning by 19.2% in the 2nd quarter. Cetera Advisor Networks LLC now owns 29,938 shares of the electronics maker’s stock valued at $995,000 after purchasing an additional 4,823 shares in the last quarter. Foresters Investment Management Company Inc. raised its stake in shares of Corning by 166.1% in the 2nd quarter. Foresters Investment Management Company Inc. now owns 853,300 shares of the electronics maker’s stock valued at $28,355,000 after purchasing an additional 532,600 shares in the last quarter. Flinton Capital Management LLC raised its stake in shares of Corning by 16.4% in the 2nd quarter. Flinton Capital Management LLC now owns 227,808 shares of the electronics maker’s stock valued at $7,570,000 after purchasing an additional 32,116 shares in the last quarter. Calton & Associates Inc. raised its stake in shares of Corning by 24.3% in the 2nd quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock valued at $323,000 after purchasing an additional 1,895 shares in the last quarter. Finally, Duality Advisers LP raised its stake in shares of Corning by 131.8% in the 1st quarter. Duality Advisers LP now owns 116,110 shares of the electronics maker’s stock valued at $3,843,000 after purchasing an additional 66,010 shares in the last quarter. Hedge funds and other institutional investors own 71.14% of the company’s stock.

In other Corning news, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares in the company, valued at approximately $1,973,905.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the completion of the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.



Shares of NYSE:GLW traded down $0.02 during trading on Monday, reaching $30.16. 129,541 shares of the company’s stock traded hands, compared to its average volume of 4,855,186. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. Corning Incorporated has a 12 month low of $26.78 and a 12 month high of $36.56. The company has a 50 day moving average of $28.84 and a 200-day moving average of $31.81. The stock has a market capitalization of $23.62 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.18.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post 1.88 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is presently 44.94%.

GLW has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 target price on the stock in a research note on Friday, September 6th. Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 target price (down previously from $40.00) on shares of Corning in a research note on Thursday, August 1st. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Barclays initiated coverage on shares of Corning in a research note on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $34.73.

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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