Corning Incorporated (NYSE:GLW) Shares Sold by Zions Bancorporation N.A.

Zions Bancorporation N.A. lowered its position in Corning Incorporated (NYSE:GLW) by 63.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,136 shares of the electronics maker’s stock after selling 10,832 shares during the quarter. Zions Bancorporation N.A.’s holdings in Corning were worth $238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in GLW. Cape Investment Advisory Inc. increased its position in Corning by 800.0% in 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 during the period. Access Investment Management LLC bought a new stake in shares of Corning during the first quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted 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 worth $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC bought a new position in Corning in the 1st quarter valued at about $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning during the 1st quarter worth about $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.5 %

Shares of NYSE:GLW opened at $42.50 on Friday. The firm has a 50 day simple moving average of $41.84 and a 200 day simple moving average of $37.15. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market cap of $36.37 billion, a PE ratio of 59.86, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.64%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Fox Advisors raised 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. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

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.