Kelleher Financial Advisors trimmed its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 49.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,622 shares of the electronics maker’s stock after selling 4,522 shares during the period. Kelleher Financial Advisors’ holdings in Corning were worth $711,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Western Pacific Wealth Management LP purchased a new stake in Corning during the 3rd quarter valued at about $25,000. Kings Path Partners LLC bought a new position in Corning during the 3rd quarter worth approximately $25,000. Atwood & Palmer Inc. bought a new position in Corning during the 2nd quarter worth approximately $26,000. Rogco LP purchased a new position in Corning in the 2nd quarter worth approximately $27,000. Finally, Toth Financial Advisory Corp increased its stake in Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the period. 69.80% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by insiders.
Corning Trading Down 5.9%
GLW opened at $118.73 on Thursday. The business has a 50 day simple moving average of $146.40 and a two-hundred day simple moving average of $155.44. The firm has a market capitalization of $102.27 billion, a price-to-earnings ratio of 48.07, a PEG ratio of 1.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. Analysts predict that Corning Incorporated will post 3.37 EPS for the current year.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is currently 45.34%.
Wall Street Analyst Weigh In
GLW has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. Mizuho cut their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Oppenheimer decreased their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Finally, The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.81.
Get Our Latest Research Report on Corning
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.
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