Stratos Wealth Partners LTD. reduced its position in Corning Incorporated (NYSE:GLW – Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,426 shares of the electronics maker’s stock after selling 627 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Corning were worth $295,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the period. State Street Corp raised its holdings in shares of Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock valued at $1,114,880,000 after buying an additional 686,278 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Corning by 4.9% in the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock valued at $563,232,000 after buying an additional 741,788 shares during the last quarter. Geode Capital Management LLC increased its position in Corning by 2.2% in the first quarter. Geode Capital Management LLC now owns 15,838,529 shares of the electronics maker’s stock worth $557,680,000 after purchasing an additional 336,351 shares during the period. Finally, Morgan Stanley increased its position in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares during the period. 67.74% of the stock is owned by institutional investors.
Corning Stock Performance
GLW opened at $29.68 on Friday. The firm has a market cap of $25.32 billion, a P/E ratio of 40.66, a price-to-earnings-growth ratio of 2.78 and a beta of 1.06. Corning Incorporated has a 52-week low of $29.16 and a 52-week high of $37.10. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.03 and a current ratio of 1.65. The business’s fifty day moving average is $31.92 and its 200-day moving average is $32.81.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, November 16th. Corning’s dividend payout ratio (DPR) is presently 153.42%.
Insider Buying and Selling at Corning
In other Corning news, EVP Lewis A. Steverson sold 16,710 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $34.25, for a total value of $572,317.50. Following the completion of the transaction, the executive vice president now directly owns 29,378 shares in the company, valued at $1,006,196.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Lewis A. Steverson sold 16,710 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $34.25, for a total transaction of $572,317.50. Following the completion of the transaction, the executive vice president now directly owns 29,378 shares in the company, valued at $1,006,196.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $33.78, for a total value of $3,378,000.00. Following the transaction, the chief executive officer now owns 847,474 shares of the company’s stock, valued at $28,627,671.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently issued reports on GLW shares. StockNews.com started coverage on Corning in a research report on Thursday. They set a “hold” rating for the company. Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $35.00 to $38.00 in a research note on Friday, June 9th. Oppenheimer reiterated an “outperform” rating and set a $42.00 price objective on shares of Corning in a research note on Monday, July 31st. 888 restated an “upgrade” rating on shares of Corning in a research note on Friday, June 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Corning from $38.00 to $37.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.
Read Our Latest Analysis on GLW
Corning Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.
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