Corning Incorporated $GLW Position Lowered by Kelleher Financial Advisors

Kelleher Financial Advisors lessened its position in Corning Incorporated (NYSE:GLW) by 49.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,622 shares of the electronics maker’s stock after selling 4,522 shares during the quarter. Kelleher Financial Advisors’ holdings in Corning were worth $711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Atwood & Palmer Inc. bought a new position in Corning in the second quarter worth $26,000. Rogco LP purchased a new position in Corning during the second quarter valued at $27,000. Western Pacific Wealth Management LP purchased a new position in Corning during the third quarter valued at $25,000. Kings Path Partners LLC purchased a new position in Corning during the third quarter valued at $25,000. Finally, Toth Financial Advisory Corp boosted its holdings in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Corning Trading Down 5.9%

NYSE GLW opened at $118.73 on Thursday. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average price is $146.40 and its 200-day moving average price is $155.44. The stock has a market cap of $102.27 billion, a P/E ratio of 48.07, a P/E/G ratio of 1.55 and a beta of 1.23.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. Corning’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 EPS. As a group, equities analysts forecast that Corning Incorporated will post 3.37 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Analyst Ratings Changes

A number of analysts have recently weighed in on GLW shares. Oppenheimer reduced their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. China Renaissance raised shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a research report on Tuesday, September 8th. The Goldman Sachs Group reissued an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Barclays boosted their price objective on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Finally, Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $175.81.

Corning Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.