Dumont & Blake Investment Advisors LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Dumont & Blake Investment Advisors LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 42.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 21,996 shares of the electronics maker’s stock after selling 16,140 shares during the quarter. Dumont & Blake Investment Advisors LLC’s holdings in Corning were worth $725,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following 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 175,207 shares of company stock worth $5,876,067 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW traded up $0.26 on Friday, reaching $38.85. The company had a trading volume of 8,378,016 shares, compared to its average volume of 7,940,919. The stock has a market cap of $33.28 billion, a P/E ratio of 54.72, a P/E/G ratio of 1.77 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46. The company’s fifty day moving average is $35.97 and its 200 day moving average is $33.14.

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

Corning Announces Dividend

The business 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. This represents a $1.12 annualized dividend and a yield of 2.88%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GLW shares. Bank of America raised their price target on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Citigroup raised their price objective on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Finally, Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Hold” and an average target price of $38.67.

Corning Company 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.