Independent Advisor Alliance Has $1.80 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Independent Advisor Alliance reduced its stake in Corning Incorporated by 27.9%, now holding 39,326 shares valued at approximately $1.80 million as of the latest quarter.
• Corning's stock saw a rise of 1.2%, with a current market cap of $56.31 billion and a recent earnings report showing an earnings per share of $0.60, exceeding expectations.
• The company announced a quarterly dividend of $0.28, reflecting an annualized dividend of $1.12 and a yield of 1.7%, despite a high dividend payout ratio of 119.15%.

Independent Advisor Alliance cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 27.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,326 shares of the electronics maker's stock after selling 15,255 shares during the quarter. Independent Advisor Alliance's holdings in Corning were worth $1,800,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GLW. University of Texas Texas AM Investment Management Co. grew its stake in Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares during the period. Harbour Investments Inc. raised its holdings in shares of Corning by 2.4% during the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after purchasing an additional 224 shares during the period. CreativeOne Wealth LLC raised its holdings in shares of Corning by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares during the period. Old North State Wealth Management LLC raised its holdings in shares of Corning by 0.6% during the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares during the period. Finally, Colonial Trust Co SC raised its holdings in shares of Corning by 3.8% during the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after purchasing an additional 258 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GLW shares. Susquehanna reiterated a "positive" rating and issued a $75.00 target price (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Barclays raised their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 price target on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Wolfe Research assumed coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Argus reiterated a "buy" rating and set a $68.00 price target on shares of Corning in a research note 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.17.

Corning Stock Down 0.5%

NYSE GLW traded down $0.34 during trading hours on Friday, reaching $65.42. 3,054,273 shares of the company's stock were exchanged, compared to its average volume of 5,656,164. The company's 50-day moving average is $55.70 and its two-hundred day moving average is $50.12. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The company has a market capitalization of $56.04 billion, a price-to-earnings ratio of 69.60, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared 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 of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This trade represents a 29.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the transaction, the chief financial officer owned 78,316 shares in the company, valued at $4,877,520.48. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,484 shares of company stock worth $12,813,804. 0.40% of the stock is currently owned by corporate insiders.

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.