Wealthcare Advisory Partners LLC Trims Holdings in Corning Incorporated (NYSE:GLW)

Wealthcare Advisory Partners LLC lessened its position in Corning Incorporated (NYSE:GLW) by 19.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,716 shares of the electronics maker’s stock after selling 5,039 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Corning were worth $631,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. Ameriprise Financial Inc. boosted its position in shares of Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after buying an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. grew its position in Corning by 302.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock valued at $45,564,000 after acquiring an additional 1,124,787 shares during the period. Finally, Morgan Stanley increased its stake in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLW. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. Finally, Barclays upped their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.00.

Corning Stock Performance

Shares of GLW stock opened at $33.93 on Thursday. The company’s 50-day simple moving average is $32.40 and its 200-day simple moving average is $30.74. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The stock has a market capitalization of $29.06 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 EPS. Equities analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.30%. Corning’s dividend payout ratio (DPR) is 157.75%.

Insider Buying and Selling at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last ninety days. Company insiders own 0.45% of the company’s stock.

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.