Wealth Alliance Cuts Stake in Corning Incorporated (NYSE:GLW)

Wealth Alliance lessened its holdings in Corning Incorporated (NYSE:GLW) by 3.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 8,737 shares of the electronics maker’s stock after selling 353 shares during the quarter. Wealth Alliance’s holdings in Corning were worth $339,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cape Investment Advisory Inc. boosted its stake in shares of 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 buying an additional 800 shares during the period. Access Investment Management LLC acquired a new stake in Corning in the first quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its stake 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 acquiring an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in Corning during the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 2.3 %

NYSE GLW opened at $44.43 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 stock has a market capitalization of $38.02 billion, a P/E ratio of 62.58, a P/E/G ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The firm has a 50-day moving average price of $41.76 and a 200 day moving average price of $37.43.

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, 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 firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GLW. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning 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.