Corning Incorporated (NYSE:GLW) Shares Sold by Dynamic Advisor Solutions LLC

Dynamic Advisor Solutions LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,333 shares of the electronics maker’s stock after selling 473 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Corning were worth $1,217,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the last quarter. Access Investment Management LLC bought a new position in Corning during the first quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the last quarter. Emfo LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $33,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning during the first quarter worth approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.3 %

Shares of GLW traded up $0.50 during midday trading on Tuesday, hitting $39.81. 444,410 shares of the stock were exchanged, compared to its average volume of 6,174,706. The stock has a fifty day simple moving average of $40.48 and a 200 day simple moving average of $35.63. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The firm has a market cap of $34.10 billion, a P/E ratio of 55.38, a P/E/G ratio of 1.49 and a beta of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.81%. Corning’s dividend payout ratio is presently 157.75%.

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 shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Bank of America reduced their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Mizuho boosted their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus 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.