Orion Portfolio Solutions LLC Sells 3,443 Shares of Corning Incorporated (NYSE:GLW)

Orion Portfolio Solutions LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 11.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,600 shares of the electronics maker’s stock after selling 3,443 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Corning were worth $1,156,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. West Oak Capital LLC raised its holdings in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its holdings in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the last quarter. Grove Bank & Trust raised its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several analyst reports. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $48.15 on Friday. The company has a fifty day simple moving average of $47.57 and a 200 day simple moving average of $43.36. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market cap of $41.23 billion, a P/E ratio of 283.24, a PEG ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

About Corning

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.