Atria Wealth Solutions Inc. Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Atria Wealth Solutions Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 26.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,416 shares of the electronics maker’s stock after selling 8,954 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Corning were worth $1,118,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. LMR Partners LLP boosted its position in shares of Corning by 140.1% in the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock valued at $57,045,000 after acquiring an additional 700,442 shares during the period. Gotham Asset Management LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $306,000. GAMMA Investing LLC boosted its position in shares of Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock valued at $520,000 after acquiring an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC boosted its position in shares of Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock valued at $1,024,000 after acquiring an additional 297 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker’s stock valued at $59,558,000 after acquiring an additional 23,781 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on GLW shares. Susquehanna reiterated a “positive” rating and set a $75.00 target price (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Wall Street Zen upgraded shares of Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Barclays lifted their target price on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.17.

Insider Buying and Selling

In related news, SVP Michael Paul O’day sold 14,879 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares of the company’s stock, valued at approximately $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock valued at $12,813,804 over the last 90 days. 0.32% of the stock is currently owned by insiders.

Corning Stock Performance

Shares of NYSE GLW opened at $65.00 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The company has a market cap of $55.68 billion, a P/E ratio of 69.15, a P/E/G ratio of 1.48 and a beta of 1.08. The firm’s fifty day moving average is $54.51 and its two-hundred day moving average is $49.69. Corning Incorporated has a 52-week low of $37.31 and a 52-week high of $66.50.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the firm earned $0.47 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. Corning’s dividend payout ratio (DPR) is currently 119.15%.

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.