Vantage Wealth Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Vantage Wealth cut its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 388,715 shares of the electronics maker's stock after selling 71,915 shares during the quarter. Corning comprises approximately 4.0% of Vantage Wealth's portfolio, making the stock its 16th biggest position. Vantage Wealth's holdings in Corning were worth $17,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GLW. Sierra Ocean LLC bought a new position in Corning in the fourth quarter valued at about $25,000. Asset Planning Inc bought a new stake in Corning during the 4th quarter worth approximately $29,000. Vermillion Wealth Management Inc. purchased a new position in Corning during the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter worth approximately $30,000. Finally, Mainstream Capital Management LLC purchased a new stake in shares of Corning in the fourth quarter worth $35,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the transaction, the senior vice president now directly owns 31,505 shares of the company's stock, valued at $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares of the company's stock, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.40% of the company's stock.

Corning Trading Up 0.2%

Corning stock traded up $0.09 during trading hours on Thursday, hitting $50.85. The company had a trading volume of 3,478,371 shares, compared to its average volume of 5,970,296. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market cap of $43.55 billion, a P/E ratio of 87.67, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a 50-day moving average price of $45.07 and a two-hundred day moving average price of $47.63. 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 issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the company posted $0.38 EPS. Corning's revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GLW shares. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Finally, Citigroup decreased their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning 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.