Wambolt & Associates LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

Wambolt & Associates LLC decreased its position in Corning Incorporated (NYSE:GLW) by 49.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,698 shares of the electronics maker’s stock after selling 6,593 shares during the period. Wambolt & Associates LLC’s holdings in Corning were worth $219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Lineweaver Wealth Advisors LLC grew its holdings in Corning by 10.6% during the first quarter. Lineweaver Wealth Advisors LLC now owns 19,627 shares of the electronics maker’s stock worth $647,000 after acquiring an additional 1,883 shares during the period. Diversify Advisory Services LLC acquired a new position in Corning during the first quarter worth $1,166,000. Private Advisor Group LLC grew its holdings in Corning by 1.1% in the first quarter. Private Advisor Group LLC now owns 101,960 shares of the electronics maker’s stock valued at $3,361,000 after purchasing an additional 1,073 shares during the last quarter. Consolidated Portfolio Review Corp grew its stake in Corning by 3.3% in the 1st quarter. Consolidated Portfolio Review Corp now owns 12,823 shares of the electronics maker’s stock valued at $423,000 after acquiring an additional 412 shares during the last quarter. Finally, Norden Group LLC lifted its holdings in shares of Corning by 91.9% in the first quarter. Norden Group LLC now owns 17,449 shares of the electronics maker’s stock valued at $575,000 after purchasing an additional 8,357 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.1 %

GLW stock traded up $0.02 during midday trading on Friday, reaching $38.44. 3,286,608 shares of the company’s stock traded hands, compared to its average volume of 7,848,095. The business has a 50-day moving average price of $36.67 and a two-hundred day moving average price of $33.40. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company has a market capitalization of $32.93 billion, a P/E ratio of 54.13, a PEG ratio of 1.75 and a beta of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced 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. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.91%. Corning’s payout ratio is currently 157.75%.

Insider Activity at Corning

In other Corning news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Corning news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of analyst reports. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. UBS Group upped their price objective on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $35.00 to $39.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research note on Monday, June 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $39.42.

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.