Integrated Wealth Concepts LLC Decreases Stake in Corning Incorporated (NYSE:GLW)

Integrated Wealth Concepts LLC decreased its position in Corning Incorporated (NYSE:GLW) by 27.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,959 shares of the electronics maker’s stock after selling 20,521 shares during the period. Integrated Wealth Concepts LLC’s holdings in Corning were worth $2,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its position in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Los Angeles Capital Management LLC grew its holdings in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after acquiring an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after acquiring an additional 1,026,626 shares during the period. Shellback Capital LP acquired a new stake in shares of Corning during the 2nd quarter worth approximately $34,483,000. Finally, Conning Inc. lifted its stake in shares of Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on GLW. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Wednesday. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.4 %

Shares of Corning stock opened at $49.56 on Friday. Corning Incorporated has a fifty-two week low of $28.76 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $42.43 billion, a price-to-earnings ratio of 291.53, a PEG ratio of 1.57 and a beta of 1.03. The stock has a 50 day moving average of $47.23 and a 200 day moving average of $42.95.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. As a group, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.26%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Company Profile

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.