Dynamic Advisor Solutions LLC Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Dynamic Advisor Solutions LLC decreased its position in Corning Incorporated (NYSE:GLW) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,333 shares of the electronics maker’s stock after selling 473 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Corning were worth $1,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GLW. Alaska Permanent Fund Corp raised its holdings in shares of Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Corning by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 44,502 shares of the electronics maker’s stock valued at $1,729,000 after purchasing an additional 341 shares during the last quarter. Level Four Advisory Services LLC increased its holdings in shares of Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares during the period. Madison Asset Management LLC raised its stake in shares of Corning by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 349 shares during the last quarter. Finally, Patron Partners LLC lifted its stake in shares of Corning by 2.4% in the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after acquiring an additional 349 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Susquehanna raised their price objective on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Wednesday, July 31st. Oppenheimer reiterated an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Barclays lifted their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.23.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction 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 transaction, the vice president now 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 the SEC website. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW traded up $0.50 during midday trading on Tuesday, hitting $39.81. 444,410 shares of the company’s stock were exchanged, compared to its average volume of 6,174,706. The firm has a market cap of $34.10 billion, a P/E ratio of 55.38, a PEG ratio of 1.49 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock’s 50 day moving average price is $40.48 and its 200-day moving average price is $35.63.

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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.