Sheaff Brock Investment Advisors LLC Sells 724 Shares of Corning Incorporated (NYSE:GLW)

Sheaff Brock Investment Advisors LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,195 shares of the electronics maker’s stock after selling 724 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Corning were worth $1,457,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Rodgers Brothers Inc. grew its holdings in Corning by 44.4% during the 1st quarter. Rodgers Brothers Inc. now owns 190,360 shares of the electronics maker’s stock worth $6,274,000 after acquiring an additional 58,500 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Corning by 6.0% in the 1st quarter. Advisors Asset Management Inc. now owns 660,690 shares of the electronics maker’s stock valued at $21,776,000 after purchasing an additional 37,460 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Corning by 10.0% in the 1st quarter. EP Wealth Advisors LLC now owns 14,104 shares of the electronics maker’s stock valued at $465,000 after purchasing an additional 1,277 shares during the last quarter. Crewe Advisors LLC bought a new stake in shares of Corning in the 1st quarter valued at $115,000. Finally, Burns Matteson Capital Management LLC boosted its stake in shares of Corning by 0.6% in the 1st quarter. Burns Matteson Capital Management LLC now owns 815,313 shares of the electronics maker’s stock valued at $26,873,000 after purchasing an additional 4,640 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.1 %

Shares of GLW stock traded up $0.04 on Friday, hitting $42.85. The stock had a trading volume of 7,320,019 shares, compared to its average volume of 6,001,453. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 60.32, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The business has a 50 day moving average of $39.70 and a 200 day moving average of $34.80. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. As a group, analysts expect that Corning Incorporated will post 1.94 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.61%. Corning’s dividend payout ratio is presently 157.75%.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GLW shares. Bank of America upped their price objective on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday. Oppenheimer reaffirmed an “outperform” rating and issued a $50.00 price objective (up from $40.00) on shares of Corning in a research note on Wednesday, July 10th. Mizuho increased their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.38.

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.