Corning Incorporated (NYSE:GLW) Shares Sold by Vantage Wealth

Vantage Wealth lowered its holdings in Corning Incorporated (NYSE:GLW) by 15.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 388,715 shares of the electronics maker’s stock after selling 71,915 shares during the period. Corning comprises 4.0% of Vantage Wealth’s portfolio, making the stock its 16th largest position. Vantage Wealth’s holdings in Corning were worth $17,795,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Tallon Kerry Patrick bought a new position in Corning during the 4th quarter worth approximately $302,000. Van ECK Associates Corp increased its position in shares of Corning by 343.6% during the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock valued at $5,433,000 after purchasing an additional 88,558 shares during the period. LMR Partners LLP increased its position in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock valued at $57,045,000 after purchasing an additional 700,442 shares during the period. Assetmark Inc. increased its position in shares of Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock valued at $51,000 after purchasing an additional 542 shares during the period. Finally, Gotham Asset Management LLC bought a new stake in shares of Corning during the 4th quarter worth $306,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 17,106 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares of the company’s stock, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president now directly owns 25,000 shares of the company’s stock, valued at $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last 90 days. 0.40% of the stock is owned by company insiders.

Corning Trading Up 0.9%

GLW stock opened at $50.03 on Tuesday. The company has a market cap of $42.85 billion, a P/E ratio of 86.26, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a fifty day moving average of $44.89 and a 200-day moving average of $47.57.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.24%. Corning’s dividend payout ratio is presently 215.38%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GLW shares. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.08.

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.