Icon Wealth Advisors LLC Decreases Stake in Corning Incorporated (NYSE:GLW)

Icon Wealth Advisors LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 68.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,791 shares of the electronics maker’s stock after selling 23,271 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Corning were worth $487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GLW. West Oak Capital LLC boosted its holdings in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its position in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares during the period. SteelPeak Wealth LLC raised its stake in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust lifted its holdings in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its holdings in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is owned by company insiders.

Corning Stock Up 1.4 %

GLW opened at $48.52 on Friday. The company has a market capitalization of $41.54 billion, a PE ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm has a 50-day simple moving average of $46.33 and a two-hundred day simple moving average of $42.02. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.