Sequoia Financial Advisors LLC Sells 7,547 Shares of Corning Incorporated (NYSE:GLW)

Sequoia Financial Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 4.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,234 shares of the electronics maker’s stock after selling 7,547 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Corning were worth $5,842,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of GLW. Qube Research & Technologies Ltd bought a new stake in Corning during the 3rd quarter worth $2,854,000. AXQ Capital LP acquired a new stake in Corning during the 3rd quarter worth approximately $229,000. Earnest Partners LLC grew its holdings in Corning by 17.4% during the 3rd quarter. Earnest Partners LLC now owns 54,201 shares of the electronics maker’s stock worth $1,652,000 after acquiring an additional 8,018 shares during the last quarter. Royal London Asset Management Ltd. increased its position in Corning by 17.1% in the 3rd quarter. Royal London Asset Management Ltd. now owns 274,063 shares of the electronics maker’s stock valued at $8,353,000 after acquiring an additional 40,092 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Corning by 4.7% during the third quarter. Royal Bank of Canada now owns 4,224,982 shares of the electronics maker’s stock valued at $128,735,000 after acquiring an additional 189,667 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.1 %

NYSE GLW traded up $0.02 during mid-day trading on Friday, hitting $38.44. The company’s stock had a trading volume of 3,286,608 shares, compared to its average volume of 7,848,095. The firm has a market capitalization of $32.93 billion, a price-to-earnings ratio of 54.13, a PEG ratio of 1.75 and a beta of 1.05. The company’s 50 day simple moving average is $36.67 and its 200 day simple moving average is $33.40. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $40.46.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.91%. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several research analysts have commented on GLW shares. Citigroup lifted their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Mizuho increased their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. Bank of America boosted their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, UBS Group increased their price target on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $39.42.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is owned by corporate insiders.

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.