Kingswood Wealth Advisors LLC Trims Stock Position in Corning Incorporated (NYSE:GLW)

Kingswood Wealth Advisors LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,505 shares of the electronics maker’s stock after selling 1,830 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Corning were worth $610,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cape Investment Advisory Inc. boosted its position in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new position in Corning in the fourth quarter worth $31,000. EverSource Wealth Advisors LLC lifted its position in Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the period. Finally, Riverview Trust Co bought a new stake in shares of Corning during the 1st quarter valued at $35,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value 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 Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction 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 in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. UBS Group boosted their price target on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Bank of America boosted their target price on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, Mizuho raised their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning has a consensus rating of “Hold” and a consensus price target of $38.67.

Corning Stock Performance

Shares of NYSE GLW opened at $38.28 on Thursday. The firm’s 50-day moving average price is $35.52 and its 200-day moving average price is $32.97. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The company has a market cap of $32.79 billion, a PE ratio of 53.92, a PEG ratio of 1.81 and a beta of 1.08. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.