Corning Incorporated (NYSE:GLW) Stock Position Decreased by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 13.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,651 shares of the electronics maker’s stock after selling 4,240 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Corning were worth $842,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Peoples Bank KS acquired a new stake in shares of Corning in the third quarter worth about $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. SRS Capital Advisors Inc. lifted its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in Corning during the fourth quarter valued at approximately $31,000. Finally, Emfo LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock valued at $3,984,964 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

GLW opened at $33.72 on Friday. The stock has a market cap of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $32.34 and a 200 day simple moving average of $30.57.

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 the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. On average, research analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday. Susquehanna reissued a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.89.

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.