Corning Incorporated (NYSE:GLW) Position Lowered by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC reduced its position in Corning Incorporated (NYSE:GLW) by 12.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 154,701 shares of the electronics maker’s stock after selling 22,533 shares during the period. Sequoia Financial Advisors LLC’s holdings in Corning were worth $6,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLW. Cape Investment Advisory Inc. increased its holdings in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the last quarter. Access Investment Management LLC bought a new stake in Corning during the first quarter valued at $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the period. Emfo LLC bought a new position in shares of Corning in the 4th quarter worth about $33,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Corning stock traded up $0.57 during mid-day trading on Tuesday, hitting $39.88. The company’s stock had a trading volume of 2,035,538 shares, compared to its average volume of 6,183,760. The stock has a market capitalization of $34.16 billion, a P/E ratio of 55.38, a P/E/G ratio of 1.49 and a beta of 1.05. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock’s fifty day moving average price is $40.48 and its two-hundred day moving average price is $35.63. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the firm posted $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. Research analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Bank of America cut their target price on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. UBS Group raised their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.23.

Corning 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.