Independent Solutions Wealth Management LLC Has $326,000 Stake in Corning Incorporated (NYSE:GLW)

Independent Solutions Wealth Management LLC lowered its position in Corning Incorporated (NYSE:GLW) by 10.0% in the third quarter, Holdings Channel.com reports. The fund owned 7,218 shares of the electronics maker’s stock after selling 800 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Corning were worth $326,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. City Holding Co. boosted its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning during the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 3rd quarter worth about $45,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of Corning stock traded up $0.77 on Thursday, reaching $47.28. 2,643,912 shares of the stock were exchanged, compared to its average volume of 5,528,237. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $40.48 billion, a price-to-earnings ratio of 278.12, a PEG ratio of 1.54 and a beta of 1.03. The business has a 50 day moving average price of $47.71 and a two-hundred day moving average price of $43.64.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Monday. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.77.

About Corning

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.