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

Diversify Wealth Management LLC reduced its position in Corning Incorporated (NYSE:GLW) by 7.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 SEC filing.

Other institutional investors also recently bought and sold shares of the company. MBB Public Markets I LLC grew its position in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in Corning in the 1st quarter valued at about $653,000. Dark Forest Capital Management LP acquired a new position in Corning in the 2nd quarter valued at about $511,000. Financial Counselors Inc. grew its position in Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after acquiring an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates grew its position in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock opened at $48.04 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a fifty-two week low of $26.41 and a fifty-two week high of $51.03. The business has a 50 day moving average price of $44.27 and a 200 day moving average price of $40.16. The stock has a market cap of $41.15 billion, a price-to-earnings ratio of 67.66, a PEG ratio of 1.73 and a beta of 1.04.

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

Corning Dividend Announcement

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

Analyst Ratings Changes

GLW has been the subject of several research reports. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.