Coastal Bridge Advisors LLC Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Coastal Bridge Advisors LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,343 shares of the electronics maker’s stock after selling 1,000 shares during the period. Coastal Bridge Advisors LLC’s holdings in Corning were worth $428,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of GLW. LMR Partners LLP grew its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock worth $57,045,000 after buying an additional 700,442 shares during the last quarter. Gotham Asset Management LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $306,000. GAMMA Investing LLC grew its position in shares of Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock worth $520,000 after buying an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock worth $1,024,000 after buying an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Corning by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker’s stock worth $59,558,000 after buying an additional 23,781 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GLW shares. Oppenheimer lifted their price objective on Corning from $55.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They set an “outperform” rating on the stock. Argus reaffirmed a “buy” rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Finally, UBS Group lifted their price objective on Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, July 9th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.25.

Corning Price Performance

Shares of NYSE GLW opened at $62.53 on Thursday. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $63.20. The firm has a market cap of $53.56 billion, a P/E ratio of 66.52, a PEG ratio of 1.64 and a beta of 1.11. The company has a 50 day moving average of $52.16 and a 200 day moving average of $48.97. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same period in the previous year, the business earned $0.47 EPS. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.79%. Corning’s payout ratio is currently 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president directly owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president owned 16,117 shares of the company’s stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,534 shares of company stock valued at $2,739,891 in the last quarter. Insiders own 0.40% of the company’s stock.

Corning Company 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.