Sierra Summit Advisors LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

Key Points

• Sierra Summit Advisors LLC significantly reduced its holdings in Corning Incorporated by 88%, selling 238,164 shares in the first quarter and ending with approximately 32,530 shares valued at $1.49 million.
• Multiple hedge funds modified their positions in Corning recently, with notable increases from Investment Management Corp VA ADV and Annis Gardner Whiting Capital Advisors LLC, while a majority of the stock (69.80%) is held by institutional investors.
• Corning announced a quarterly dividend of $0.28 per share, with a yield of 1.7%, and the company beat earnings expectations with $0.60 earnings per share for the most recent quarter.

Sierra Summit Advisors LLC cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 88.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,530 shares of the electronics maker's stock after selling 238,164 shares during the quarter. Sierra Summit Advisors LLC's holdings in Corning were worth $1,489,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. lifted its holdings 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 valued at $115,000 after purchasing an additional 214 shares in the last quarter. Seeds Investor LLC lifted its stake in shares of Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after buying an additional 221 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Corning by 2.4% in the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after buying an additional 224 shares during the period. CreativeOne Wealth LLC increased its stake in Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after buying an additional 238 shares in the last quarter. Finally, Old North State Wealth Management LLC raised its holdings in 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 valued at $1,836,000 after acquiring an additional 239 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GLW shares. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Mizuho set a $74.00 price target on Corning and gave the stock an "outperform" rating in a report on Friday. Argus restated a "buy" rating and issued a $68.00 price target on shares of Corning in a research note on Wednesday, July 30th. Susquehanna restated a "positive" rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Wolfe Research began coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Price Performance

Shares of NYSE GLW traded up $0.75 during mid-day trading on Tuesday, hitting $65.73. 5,191,837 shares of the company's stock traded hands, compared to its average volume of 5,695,663. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $66.50. The company's 50-day moving average is $54.51 and its two-hundred day moving average is $49.69. The company has a market capitalization of $56.31 billion, a P/E ratio of 69.93, a PEG ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the business posted $0.47 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Insider Activity at Corning

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the company's 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 of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This trade represents a 29.39% 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 ninety days. Corporate insiders own 0.32% of the company's stock.

About Corning

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.