Baker Tilly Wealth Management LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Baker Tilly Wealth Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 55.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,934 shares of the electronics maker’s stock after selling 14,587 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Corning were worth $464,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GLW. Norges Bank purchased a new position in Corning during the 4th quarter valued at $247,721,000. Price T Rowe Associates Inc. MD grew its position in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the period. Wellington Management Group LLP grew its position in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. lifted its position in Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the period. Finally, Natixis boosted its stake in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW stock traded down $0.06 during midday trading on Friday, reaching $40.20. 4,741,778 shares of the company’s stock traded hands, compared to its average volume of 6,182,246. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The stock has a market cap of $34.44 billion, a P/E ratio of 56.62, a PEG ratio of 1.53 and a beta of 1.05. The stock’s 50-day moving average is $40.70 and its 200 day moving average is $35.81.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 EPS. As a group, analysts anticipate 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. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Citigroup increased their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Mizuho lifted their price target on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, Oppenheimer reissued an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.23.

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.