Wealthfront Advisers LLC Has $1.41 Million Stock Position in Corning Incorporated (NYSE:GLW)

Wealthfront Advisers LLC lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 43.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,761 shares of the electronics maker's stock after selling 23,743 shares during the period. Wealthfront Advisers LLC's holdings in Corning were worth $1,408,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. LMR Partners LLP boosted its position in Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after purchasing an additional 700,442 shares during the last quarter. Gotham Asset Management LLC acquired a new position in shares of Corning during the 4th quarter worth $306,000. GAMMA Investing LLC increased its stake in shares of Corning by 29.2% during the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after purchasing an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Corning by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLW. Morgan Stanley boosted their price target on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. UBS Group boosted their price objective on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Citigroup boosted their price objective on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on Corning from $52.00 to $62.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, Oppenheimer reduced their price target 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. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $57.45.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last three months. Insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of Corning stock traded up $1.75 during mid-day trading on Wednesday, reaching $55.77. 8,079,179 shares of the stock were exchanged, compared to its average volume of 5,257,308. The company has a market cap of $47.77 billion, a price-to-earnings ratio of 107.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $56.25. The firm has a 50-day simple moving average of $51.14 and a 200 day simple moving average of $48.60. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released 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. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.38 EPS. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.01%. Corning's dividend payout ratio is currently 215.38%.

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.