Corning Incorporated (NYSE:GLW) Shares Sold by Weatherly Asset Management L. P.

Weatherly Asset Management L. P. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,358 shares of the electronics maker’s stock after selling 948 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Corning were worth $1,374,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Grove Bank & Trust boosted its holdings in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY boosted its holdings in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after buying an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC boosted its holdings in shares of Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after buying an additional 274 shares in the last quarter. Legacy Capital Group California Inc. boosted its holdings in shares of Corning by 1.0% in the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after buying an additional 278 shares in the last quarter. Finally, Alaska Permanent Fund Corp raised its position in Corning by 0.4% in the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after purchasing an additional 329 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America reduced their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Wednesday, July 31st. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, UBS Group upped their price objective on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $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 owned by corporate insiders.

Corning Price Performance

Shares of GLW traded up $0.26 during trading hours on Friday, reaching $41.85. The company had a trading volume of 5,231,420 shares, compared to its average volume of 4,522,631. The firm has a 50 day simple moving average of $41.31 and a 200-day simple moving average of $36.47. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $35.81 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 1.62 and a beta of 1.05. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. Research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. Corning’s payout ratio is 157.75%.

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.