Corning Incorporated (NYSE:GLW) Shares Sold by Long Run Wealth Advisors LLC

Long Run Wealth Advisors LLC cut its position in Corning Incorporated (NYSE:GLW) by 15.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,523 shares of the electronics maker’s stock after selling 5,101 shares during the quarter. Long Run Wealth Advisors LLC’s holdings in Corning were worth $1,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. City Holding Co. increased its stake in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc purchased a new stake in Corning during the 2nd quarter worth approximately $39,000. Global Trust Asset Management LLC lifted its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $47.27 on Wednesday. Corning Incorporated has a 1 year low of $26.94 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $40.47 billion, a price-to-earnings ratio of 278.06, a PEG ratio of 1.51 and a beta of 1.03. The stock’s 50-day moving average is $44.71 and its two-hundred day moving average is $40.69.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

GLW has been the topic of several analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Citigroup upped their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Company 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.