Kestra Private Wealth Services LLC Reduces Position in Corning Incorporated (NYSE:GLW)

Kestra Private Wealth Services LLC cut its stake in shares of Corning Incorporated (NYSE:GLWGet Rating) by 6.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 24,110 shares of the electronics maker’s stock after selling 1,759 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Corning were worth $890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in GLW. NewEdge Wealth LLC acquired a new position in Corning during the first quarter valued at $486,000. Daiwa Securities Group Inc. lifted its position in Corning by 3.2% during the first quarter. Daiwa Securities Group Inc. now owns 49,023 shares of the electronics maker’s stock valued at $1,809,000 after purchasing an additional 1,504 shares during the period. Bailard Inc. lifted its position in Corning by 46.5% during the first quarter. Bailard Inc. now owns 7,974 shares of the electronics maker’s stock valued at $294,000 after purchasing an additional 2,530 shares during the period. CWM LLC lifted its position in Corning by 12.0% during the first quarter. CWM LLC now owns 14,770 shares of the electronics maker’s stock valued at $545,000 after purchasing an additional 1,580 shares during the period. Finally, Twin Tree Management LP lifted its position in Corning by 20,111.2% during the first quarter. Twin Tree Management LP now owns 234,854 shares of the electronics maker’s stock valued at $8,668,000 after purchasing an additional 233,692 shares during the period. 69.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the sale, the senior vice president now owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.36% of the stock is owned by corporate insiders.

Corning Stock Down 1.7 %

Shares of NYSE GLW opened at $32.06 on Friday. Corning Incorporated has a 12-month low of $30.63 and a 12-month high of $43.47. The stock has a market cap of $27.10 billion, a PE ratio of 13.76, a P/E/G ratio of 2.28 and a beta of 1.00. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average of $34.71 and a 200 day moving average of $34.96.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the prior year, the company earned $0.53 EPS. Corning’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 2.2 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.37%. Corning’s dividend payout ratio is presently 46.35%.

Analyst Ratings Changes

A number of research firms recently issued reports on GLW. Susquehanna Bancshares decreased their target price on shares of Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research report on Friday, September 9th. Credit Suisse Group started coverage on shares of Corning in a research report on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Corning from $39.00 to $37.00 and set a “hold” rating for the company in a research report on Thursday. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Citigroup decreased their price objective on shares of Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, September 9th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $40.27.

Corning Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

See Also

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLWGet Rating).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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