Wealth Enhancement Advisory Services LLC Sells 17,355 Shares of Corning Incorporated (NYSE:GLW)

Wealth Enhancement Advisory Services LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,176,885 shares of the electronics maker’s stock after selling 17,355 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.14% of Corning worth $38,790,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of GLW. Cape Investment Advisory Inc. raised its position in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Corning during the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC increased its holdings in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the period. Finally, Emfo LLC bought a new stake in Corning during the 4th quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.8 %

NYSE:GLW traded up $0.31 during midday trading on Thursday, reaching $38.59. 11,575,813 shares of the stock traded hands, compared to its average volume of 5,416,031. The company has a fifty day moving average of $35.66 and a 200 day moving average of $33.01. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a market capitalization of $33.06 billion, a P/E ratio of 54.44, a PEG ratio of 1.81 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the business posted $0.41 EPS. The firm’s revenue was down 11.5% compared to the same quarter last year. On average, research analysts predict that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company 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. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.90%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GLW shares. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Finally, Mizuho upped their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.67.

Insider Activity at Corning

In other Corning news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s 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 transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last three months. 0.40% of the stock is owned by insiders.

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.