B. Riley Wealth Advisors Inc. Sells 7,750 Shares of Corning Incorporated (NYSE:GLW)

B. Riley Wealth Advisors Inc. trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 8.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,071 shares of the electronics maker's stock after selling 7,750 shares during the quarter. B. Riley Wealth Advisors Inc.'s holdings in Corning were worth $3,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new position in Corning in the fourth quarter worth approximately $29,000. Vermillion Wealth Management Inc. acquired a new position in Corning in the fourth quarter worth approximately $29,000. Finally, Putney Financial Group LLC acquired a new position in Corning in the fourth quarter worth approximately $30,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,291 shares of company stock worth $3,307,320 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on GLW shares. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Corning Stock Performance

Shares of Corning stock traded down $0.41 during midday trading on Friday, hitting $49.55. The company had a trading volume of 12,836,651 shares, compared to its average volume of 5,981,219. The business's 50 day simple moving average is $44.83 and its two-hundred day simple moving average is $47.55. The stock has a market cap of $42.44 billion, a PE ratio of 85.43, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $36.58 and a 1-year high of $55.33.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning's dividend payout ratio is currently 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.