Wealthcare Advisory Partners LLC Reduces Position in Corning Incorporated (NYSE:GLW)

Wealthcare Advisory Partners LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 19.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,716 shares of the electronics maker’s stock after selling 5,039 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Corning were worth $631,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Natixis Advisors L.P. raised its stake in shares of Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning in the fourth quarter worth $1,199,000. Socha Financial Group LLC lifted its position in Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after purchasing an additional 27,772 shares during the period. HB Wealth Management LLC boosted its holdings in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 1.5 %

Shares of NYSE GLW opened at $33.93 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $32.40 and a 200 day moving average of $30.74. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The stock has a market cap of $29.06 billion, a PE ratio of 47.78, a P/E/G ratio of 1.70 and a beta of 1.07.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.30%. Corning’s payout ratio is 157.75%.

Insider Activity

In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock valued at $7,971,257 in the last 90 days. Company insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GLW shares. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. Finally, UBS Group boosted their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $35.00.

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.