Corning Incorporated (NYSE:GLW) Shares Sold by Cetera Advisors LLC

Cetera Advisors LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 6.0% during the first quarter, Holdings Channel.com reports. The firm owned 18,520 shares of the electronics maker’s stock after selling 1,187 shares during the quarter. Cetera Advisors LLC’s holdings in Corning were worth $380,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. raised its position in shares of Corning by 23.4% during the 4th quarter. Advisors Asset Management Inc. now owns 264,759 shares of the electronics maker’s stock worth $7,706,000 after acquiring an additional 50,138 shares in the last quarter. Raymond James & Associates raised its position in shares of Corning by 3.5% during the 4th quarter. Raymond James & Associates now owns 2,301,621 shares of the electronics maker’s stock worth $67,000,000 after acquiring an additional 77,869 shares in the last quarter. Man Group plc raised its position in shares of Corning by 279.0% during the 4th quarter. Man Group plc now owns 138,456 shares of the electronics maker’s stock worth $4,031,000 after acquiring an additional 101,923 shares in the last quarter. Sowell Financial Services LLC raised its position in shares of Corning by 5.4% during the 4th quarter. Sowell Financial Services LLC now owns 27,657 shares of the electronics maker’s stock worth $805,000 after acquiring an additional 1,420 shares in the last quarter. Finally, Whittier Trust Co. raised its position in shares of Corning by 15.1% during the 4th quarter. Whittier Trust Co. now owns 11,173 shares of the electronics maker’s stock worth $325,000 after acquiring an additional 1,468 shares in the last quarter. 72.90% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on GLW shares. Barclays lowered Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Susquehanna Bancshares restated a “hold” rating and set a $22.00 price target on shares of Corning in a research note on Tuesday, April 28th. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Finally, Morgan Stanley dropped their price target on Corning from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 7th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $30.00.

Shares of GLW stock opened at $21.38 on Friday. The business’s 50 day moving average is $20.49 and its two-hundred day moving average is $25.66. Corning Incorporated has a twelve month low of $17.44 and a twelve month high of $34.26. The company has a market capitalization of $16.22 billion, a P/E ratio of 66.81, a price-to-earnings-growth ratio of 11.13 and a beta of 1.09. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.78.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the business posted $0.40 EPS. The company’s revenue was down 15.0% on a year-over-year basis. As a group, equities analysts predict that Corning Incorporated will post 1.03 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 annualized dividend and a dividend yield of 4.12%. Corning’s dividend payout ratio (DPR) is currently 50.00%.

Corning Company Profile

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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