Corning Incorporated (NYSE:GLW) Shares Sold by Diversify Wealth Management LLC

Diversify Wealth Management LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 7.2% during the third quarter, HoldingsChannel reports. The firm owned 15,480 shares of the electronics maker’s stock after selling 1,208 shares during the quarter. Diversify Wealth Management LLC’s holdings in Corning were worth $726,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. MBB Public Markets I LLC increased its holdings in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Corning in the first quarter valued at approximately $653,000. Dark Forest Capital Management LP acquired a new position in shares of Corning in the second quarter valued at approximately $511,000. Financial Counselors Inc. increased its holdings in shares of Corning by 40.9% in the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after purchasing an additional 90,836 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 2.0 %

Corning stock opened at $48.04 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market capitalization of $41.15 billion, a price-to-earnings ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $26.41 and a fifty-two week high of $51.03. The stock’s fifty day moving average is $44.27 and its two-hundred day moving average is $40.16.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GLW shares. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday. Argus upped their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

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.