Sequoia Financial Advisors LLC Sells 132,482 Shares of Corning Incorporated (NYSE:GLW)

Sequoia Financial Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 85.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,219 shares of the electronics maker’s stock after selling 132,482 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Corning were worth $1,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter valued at $28,000. City Holding Co. increased its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at $33,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Corning in the first quarter valued at $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 1.2 %

NYSE:GLW opened at $46.25 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $39.62 billion, a price-to-earnings ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The stock’s 50 day moving average price is $43.74 and its two-hundred day moving average price is $39.68.

Corning (NYSE:GLW) last posted its 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 for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 EPS. Equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. UBS Group boosted their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Finally, Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

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.