Corning Incorporated (NYSE:GLW) Holdings Decreased by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 19.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,479 shares of the electronics maker’s stock after selling 1,523 shares during the period. Valeo Financial Advisors LLC’s holdings in Corning were worth $293,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Grove Bank & Trust increased its stake in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares during the period. Burns J W & Co. Inc. NY boosted its stake in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC increased its position in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares during the period. Mark Sheptoff Financial Planning LLC raised its stake in shares of Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after buying an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. boosted its stake in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after buying an additional 278 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.8 %

NYSE:GLW opened at $46.85 on Tuesday. The business’s fifty day moving average price is $42.52 and its 200 day moving average price is $38.99. The firm has a market capitalization of $40.13 billion, a price-to-earnings ratio of 65.99, a PEG ratio of 1.72 and a beta of 1.04. 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 Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Argus boosted their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Barclays raised their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. 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 MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

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.