SeaCrest Wealth Management LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

SeaCrest Wealth Management LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,717 shares of the electronics maker’s stock after selling 617 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Corning were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Natixis lifted its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Shellback Capital LP bought a new stake in Corning in the 2nd quarter worth about $34,483,000. Finally, Los Angeles Capital Management LLC purchased a new position in Corning in the 2nd quarter worth about $20,651,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. 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 report on Tuesday, July 9th. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Argus boosted their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.23.

Corning Trading Up 0.3 %

Shares of NYSE:GLW opened at $46.66 on Friday. The stock has a 50 day moving average of $43.16 and a 200 day moving average of $39.28. The company has a market cap of $39.97 billion, a PE ratio of 65.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $47.45. 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 posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s payout ratio is 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.