Atria Wealth Solutions Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Atria Wealth Solutions Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 13.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 27,651 shares of the electronics maker’s stock after selling 4,240 shares during the period. Atria Wealth Solutions Inc.’s holdings in Corning were worth $842,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Ameriprise Financial Inc. boosted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock worth $40,239,000 after purchasing an additional 1,229,031 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Corning by 302.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after buying an additional 1,124,787 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,988 shares of company stock valued at $3,984,964. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

Shares of GLW stock opened at $33.72 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a 50 day moving average price of $32.34 and a 200 day moving average price of $30.57. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The firm has a market capitalization of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $34.89.

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.