Rational Advisors Inc. trimmed its stake in Corning Incorporated (NYSE:GLW – Free Report) by 76.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,837 shares of the electronics maker’s stock after selling 5,850 shares during the period. Rational Advisors Inc.’s holdings in Corning were worth $469,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the stock. Atwood & Palmer Inc. acquired a new stake in Corning in the 2nd quarter valued at approximately $26,000. Burk Holdings LLC acquired a new position in Corning during the second quarter worth $53,000. Delos Wealth Advisors LLC purchased a new position in shares of Corning during the second quarter worth $55,000. Aberdeen Wealth Management LLC purchased a new position in shares of Corning during the second quarter worth $57,000. Finally, Caitlin John LLC acquired a new stake in shares of Corning in the second quarter valued at $64,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.
Corning Price Performance
Shares of NYSE GLW opened at $148.87 on Friday. The stock’s 50-day moving average is $171.18 and its two-hundred day moving average is $164.60. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. Corning Incorporated has a 1-year low of $66.14 and a 1-year high of $271.78. The company has a market cap of $128.23 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 1.91 and a beta of 1.14.
Corning Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s payout ratio is currently 51.14%.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on GLW. Zacks Research lowered Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Oppenheimer cut their price target 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. Barclays reduced their price target on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 24th. Finally, Mizuho dropped their price objective on shares of Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $174.08.
View Our Latest Analysis on Corning
Insider Transactions at Corning
In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is owned by corporate insiders.
Corning Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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