Tiedemann Advisors LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 32.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,200 shares of the electronics maker’s stock after selling 7,864 shares during the quarter. Tiedemann Advisors LLC’s holdings in Corning were worth $538,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Foresters Investment Management Company Inc. raised its holdings in Corning by 166.1% in the second quarter. Foresters Investment Management Company Inc. now owns 853,300 shares of the electronics maker’s stock worth $28,355,000 after purchasing an additional 532,600 shares in the last quarter. Cetera Advisor Networks LLC raised its holdings in Corning by 19.2% in the second quarter. Cetera Advisor Networks LLC now owns 29,938 shares of the electronics maker’s stock worth $995,000 after purchasing an additional 4,823 shares in the last quarter. Flinton Capital Management LLC raised its holdings in Corning by 16.4% in the second quarter. Flinton Capital Management LLC now owns 227,808 shares of the electronics maker’s stock worth $7,570,000 after purchasing an additional 32,116 shares in the last quarter. Calton & Associates Inc. raised its holdings in Corning by 24.3% in the second quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock worth $323,000 after purchasing an additional 1,895 shares in the last quarter. Finally, Duality Advisers LP raised its holdings in Corning by 131.8% in the first quarter. Duality Advisers LP now owns 116,110 shares of the electronics maker’s stock worth $3,843,000 after purchasing an additional 66,010 shares in the last quarter. Institutional investors own 71.41% of the company’s stock.
Shares of NYSE:GLW traded down $0.09 on Friday, hitting $30.16. 4,253,118 shares of the company traded hands, compared to its average volume of 4,855,186. Corning Incorporated has a 52 week low of $26.78 and a 52 week high of $36.56. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. The stock has a 50 day simple moving average of $28.84 and a 200-day simple moving average of $31.81. The company has a market cap of $23.62 billion, a PE ratio of 16.94, a PEG ratio of 1.53 and a beta of 1.18.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.65%. Corning’s payout ratio is presently 44.94%.
In related news, VP Christine M. Pambianchi sold 194,960 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the sale, the insider now directly owns 70,648 shares in the company, valued at $1,973,905.12. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.
A number of equities analysts have issued reports on the company. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a report on Friday, September 6th. Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 price objective (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Deutsche Bank set a $36.00 price target on Corning and gave the company a “buy” rating in a report on Wednesday, July 31st. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and reduced their price target for the company from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Finally, Barclays assumed coverage on Corning in a report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price target for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $34.73.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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