Corning Incorporated (NYSE:GLW) Shares Sold by ASB Consultores LLC

ASB Consultores LLC cut its stake in Corning Incorporated (NYSE:GLW) by 35.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 7,566 shares of the electronics maker’s stock after selling 4,181 shares during the quarter. ASB Consultores LLC’s holdings in Corning were worth $294,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. CreativeOne Wealth LLC grew its holdings in shares of Corning by 20.7% during the fourth quarter. CreativeOne Wealth LLC now owns 10,667 shares of the electronics maker’s stock worth $325,000 after buying an additional 1,829 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the last quarter. King Luther Capital Management Corp purchased a new position in Corning in the 4th quarter worth approximately $897,000. Commerce Bank lifted its stake in Corning by 17.7% in the 4th quarter. Commerce Bank now owns 92,890 shares of the electronics maker’s stock worth $2,828,000 after purchasing an additional 13,962 shares in the last quarter. Finally, SageView Advisory Group LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $348,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.2 %

Shares of GLW stock opened at $44.50 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $38.08 billion, a P/E ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The business’s 50 day moving average is $41.73 and its two-hundred day moving average is $37.51. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

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, topping the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Equities analysts forecast 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 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%.

Analysts Set New Price Targets

A number of brokerages recently commented on GLW. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday. UBS Group increased 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. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

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.