SeaCrest Wealth Management LLC Trims Stock Position in Corning Incorporated (NYSE:GLW)

SeaCrest Wealth Management LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 22.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,240 shares of the electronics maker’s stock after selling 2,670 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Corning were worth $305,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bridgefront Capital LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $813,000. Natixis Advisors L.P. boosted its stake in shares of Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares in the last quarter. Wahed Invest LLC boosted its stake in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning during the fourth quarter valued at approximately $1,199,000. Finally, Belpointe Asset Management LLC boosted its stake in shares of Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock valued at $5,876,067 in the last ninety days. Company insiders own 0.45% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $38.42 on Thursday. 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 firm has a market capitalization of $32.91 billion, a price-to-earnings ratio of 54.11, a PEG ratio of 1.75 and a beta of 1.05. The company’s 50-day moving average is $36.25 and its two-hundred day moving average is $33.28. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $40.46.

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

Corning Dividend Announcement

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 2.92%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Morgan Stanley downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. Citigroup raised their target price on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, UBS Group raised their target price 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $39.42.

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.