Corning Incorporated (NYSE:GLW) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 31.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 20,493 shares of the electronics maker’s stock after selling 9,342 shares during the quarter. Wedbush Securities Inc.’s holdings in Corning were worth $796,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. boosted its stake in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares in the last quarter. Access Investment Management LLC purchased a new position in Corning during the first quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the first quarter valued at approximately $33,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on GLW. Argus boosted their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Fox Advisors raised 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. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Susquehanna raised their target price on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Trading Up 1.7 %

Shares of GLW stock opened at $41.85 on Thursday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock has a market cap of $35.81 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 1.57 and a beta of 1.04. The company’s 50-day moving average price is $41.69 and its 200-day moving average price is $37.02. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm earned $0.45 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, August 30th. 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.