Fortis Advisors LLC Trims Stock Position in Corning Incorporated (NYSE:GLW)

Fortis Advisors LLC lessened its position in shares of Corning Incorporated (NYSE:GLWGet Rating) by 26.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 8,100 shares of the electronics maker’s stock after selling 2,973 shares during the quarter. Fortis Advisors LLC’s holdings in Corning were worth $299,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GLW. Islay Capital Management LLC purchased a new stake in shares of Corning during the 1st quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Corning during the 1st quarter valued at approximately $31,000. Rise Advisors LLC purchased a new stake in shares of Corning during the 4th quarter valued at approximately $32,000. CVA Family Office LLC increased its holdings in Corning by 589.3% in the 1st quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 825 shares during the last quarter. Finally, Sandy Cove Advisors LLC acquired a new stake in Corning in the 1st quarter valued at approximately $44,000. Hedge funds and other institutional investors own 69.00% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the sale, the senior vice president now directly owns 7,345 shares of the company’s stock, valued at $269,561.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.36% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on GLW shares. Credit Suisse Group started coverage on shares of Corning in a report on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup dropped their target price on shares of Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Friday. Finally, Susquehanna dropped their price target on shares of Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research note on Friday. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.64.

Corning Stock Performance

Shares of GLW stock opened at $33.64 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average price of $34.63 and a 200 day moving average price of $35.21. The company has a market cap of $28.44 billion, a P/E ratio of 14.44, a PEG ratio of 2.29 and a beta of 1.00. Corning Incorporated has a 12 month low of $30.63 and a 12 month high of $43.47.

Corning (NYSE:GLWGet Rating) last issued its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.23 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.21%. Corning’s payout ratio is currently 46.35%.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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