Axxcess Wealth Management LLC Has $209,000 Stock Position in Corning Incorporated (NYSE:GLW)

Axxcess Wealth Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 53.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,562 shares of the electronics maker's stock after selling 5,251 shares during the quarter. Axxcess Wealth Management LLC's holdings in Corning were worth $209,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake 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 worth $319,000 after purchasing an additional 2,114 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Corning by 48.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,800 shares of the electronics maker's stock worth $228,000 after buying an additional 1,563 shares during the last quarter. Madison Investment Advisors LLC bought a new position in Corning during the fourth quarter valued at approximately $1,445,000. Natixis Advisors LLC lifted its stake in Corning by 6.5% in the fourth quarter. Natixis Advisors LLC now owns 305,920 shares of the electronics maker's stock valued at $14,537,000 after acquiring an additional 18,767 shares during the last quarter. Finally, Choate Investment Advisors grew its position in Corning by 7.1% in the fourth quarter. Choate Investment Advisors now owns 7,236 shares of the electronics maker's stock worth $344,000 after acquiring an additional 477 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLW. UBS Group lifted their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley upped their price target on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. upped their target price on Corning from $52.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.45.

Corning Stock Performance

GLW stock traded up $1.25 during trading on Thursday, reaching $54.22. 3,897,745 shares of the stock were exchanged, compared to its average volume of 5,297,709. The company has a market capitalization of $46.43 billion, a P/E ratio of 104.26, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $50.34 and a 200-day simple moving average of $48.36. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the company earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. Corning's payout ratio is presently 215.38%.

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.