Alpha Omega Wealth Management LLC Reduces Position in Corning Incorporated (NYSE:GLW)

Alpha Omega Wealth Management LLC reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,498 shares of the electronics maker's stock after selling 12,546 shares during the period. Alpha Omega Wealth Management LLC's holdings in Corning were worth $4,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in Corning in the fourth quarter valued at about $302,000. Brighton Jones LLC grew its holdings in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after purchasing an additional 2,114 shares during the last quarter. Empowered Funds LLC increased its position in Corning by 752.8% during the 4th quarter. Empowered Funds LLC now owns 151,610 shares of the electronics maker's stock worth $7,205,000 after purchasing an additional 133,833 shares in the last quarter. Stephens Inc. AR increased its position in Corning by 8.5% during the 4th quarter. Stephens Inc. AR now owns 16,191 shares of the electronics maker's stock worth $769,000 after purchasing an additional 1,263 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in Corning by 12.7% in the 4th quarter. Kestra Private Wealth Services LLC now owns 59,525 shares of the electronics maker's stock valued at $2,829,000 after purchasing an additional 6,708 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling

In related news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 in the last ninety days. Corporate insiders own 0.40% of the company's stock.

Corning Stock Up 0.4%

GLW traded up $0.20 during midday trading on Thursday, hitting $50.65. The company had a trading volume of 1,769,514 shares, compared to its average volume of 5,938,447. The stock's 50 day moving average price is $45.76 and its 200 day moving average price is $47.74. Corning Incorporated has a 52 week low of $37.05 and a 52 week high of $55.33. The company has a market capitalization of $43.38 billion, a price-to-earnings ratio of 87.33, a PEG ratio of 1.50 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 EPS. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th 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 2.21%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Oppenheimer cut their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

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.