Wintrust Investments LLC Trims Holdings in Corning Incorporated (NYSE:GLW)

Wintrust Investments LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 14,681 shares of the electronics maker’s stock after selling 472 shares during the quarter. Wintrust Investments LLC’s holdings in Corning were worth $514,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tilia Fiduciary Partners Inc. grew its position in shares of Corning by 134.5% in the 2nd quarter. Tilia Fiduciary Partners Inc. now owns 1,107 shares of the electronics maker’s stock worth $39,000 after buying an additional 635 shares during the period. Capital Advisors Ltd. LLC grew its position in shares of Corning by 222.4% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,409 shares of the electronics maker’s stock worth $49,000 after buying an additional 972 shares during the period. Fred Alger Management LLC purchased a new stake in shares of Corning in the 1st quarter worth about $49,000. Almanack Investment Partners LLC. purchased a new stake in Corning during the 3rd quarter valued at about $50,000. Finally, CVA Family Office LLC grew its position in Corning by 134.7% during the 2nd quarter. CVA Family Office LLC now owns 1,713 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 983 shares during the last quarter. 67.74% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE GLW opened at $28.48 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $37.10. The stock has a market cap of $24.30 billion, a price-to-earnings ratio of 41.88, a PEG ratio of 10.57 and a beta of 1.07. The company’s 50 day moving average is $28.93 and its two-hundred day moving average is $31.49. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a return on equity of 12.73% and a net margin of 4.50%. The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the previous year, the business posted $0.51 EPS. Corning’s revenue was down 9.0% on a year-over-year basis. As a group, research analysts anticipate that Corning Incorporated will post 1.71 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Thursday, November 16th. Corning’s dividend payout ratio (DPR) is currently 164.71%.

Analysts Set New Price Targets

Several analysts recently commented on GLW shares. StockNews.com started coverage on shares of Corning in a research report on Thursday, October 5th. They set a “hold” rating on the stock. JPMorgan Chase & Co. lowered their target price on shares of Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 25th. Morgan Stanley lowered their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 25th. Citigroup lowered their target price on shares of Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, October 25th. Finally, Oppenheimer lowered their target price on shares of Corning from $42.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 25th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.89.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.