Pacer Advisors Inc. Has $2.70 Million Holdings in Corning Incorporated (NYSE:GLW)

Pacer Advisors Inc. lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 22.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,873 shares of the electronics maker's stock after selling 17,032 shares during the quarter. Pacer Advisors Inc.'s holdings in Corning were worth $2,695,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Cetera Investment Advisers boosted its stake in shares of Corning by 9.8% during the 1st quarter. Cetera Investment Advisers now owns 217,101 shares of the electronics maker's stock worth $9,939,000 after acquiring an additional 19,312 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Corning by 21.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 134,199 shares of the electronics maker's stock worth $6,144,000 after acquiring an additional 23,405 shares in the last quarter. Carnegie Investment Counsel boosted its stake in shares of Corning by 7.4% during the 1st quarter. Carnegie Investment Counsel now owns 62,973 shares of the electronics maker's stock worth $2,883,000 after acquiring an additional 4,358 shares in the last quarter. Machina Capital S.A.S. bought a new stake in shares of Corning during the 1st quarter worth about $2,862,000. Finally, AE Wealth Management LLC boosted its stake in shares of Corning by 32.2% during the 1st quarter. AE Wealth Management LLC now owns 6,476 shares of the electronics maker's stock worth $296,000 after acquiring an additional 1,576 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 1.9%

GLW traded down $1.21 during mid-day trading on Friday, reaching $62.03. The stock had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. The stock has a market capitalization of $53.13 billion, a P/E ratio of 65.99, a P/E/G ratio of 1.62 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The firm's fifty day simple moving average is $52.73 and its two-hundred day simple moving average is $49.18. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $63.91.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period last year, the company earned $0.47 EPS. On average, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Corning's dividend payout ratio is 119.15%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GLW shares. Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a research report on Wednesday. Citigroup upped their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Susquehanna reaffirmed a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a report on Wednesday. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, Barclays upped their price target on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.25.

Insider Buying and Selling

In other news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 137,381 shares of company stock worth $7,836,789 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Corning 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.