Atria Wealth Solutions Inc. Has $1.12 Million Stake in Corning Incorporated (NYSE:GLW)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Corning Inc. by 26.8%, owning 24,416 shares worth approximately $1,118,000 after selling 8,954 shares in the first quarter.
• An array of institutional investors have recently increased their positions in Corning, with LMR Partners LLP boosting by 140.1% and others also making substantial acquisitions.
• Corning reported earnings of $0.60 per share for the last quarter, surpassing analysts' expectations of $0.57, with revenue also exceeding estimates at $3.86 billion.

Atria Wealth Solutions Inc. lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 26.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,416 shares of the electronics maker's stock after selling 8,954 shares during the period. Atria Wealth Solutions Inc.'s holdings in Corning were worth $1,118,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased 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 acquiring an additional 2,114 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Corning by 56.5% in the fourth quarter. Federated Hermes Inc. now owns 58,162 shares of the electronics maker's stock valued at $2,764,000 after purchasing an additional 20,994 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Corning in the fourth quarter worth $14,722,000. Sterling Capital Management LLC boosted its holdings in shares of Corning by 56.1% during the 4th quarter. Sterling Capital Management LLC now owns 45,818 shares of the electronics maker's stock worth $2,177,000 after buying an additional 16,463 shares during the period. Finally, Sagespring Wealth Partners LLC acquired a new position in Corning in the 4th quarter valued at $483,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GLW shares. Mizuho raised their price objective on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Susquehanna reaffirmed a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average price target of $65.17.

Insider Buying and Selling

In other news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the transaction, the chief financial officer directly owned 78,316 shares in the company, 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 have sold a total of 211,484 shares of company stock worth $12,813,804 in the last quarter. 0.40% of the stock is owned by company insiders.

Corning Trading Down 0.6%

Corning stock traded down $0.40 during mid-day trading on Friday, hitting $65.36. The stock had a trading volume of 1,616,368 shares, compared to its average volume of 5,646,551. The stock has a market capitalization of $55.99 billion, a PE ratio of 69.48, a P/E/G ratio of 1.48 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50. The stock has a 50-day simple moving average of $55.41 and a two-hundred day simple moving average of $50.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same period in the prior year, the business posted $0.47 earnings per share. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

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.