Wealthfront Advisers LLC Sells 23,743 Shares of Corning Incorporated (NYSE:GLW)

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

Several other hedge funds have also modified their holdings of GLW. Norges Bank acquired a new position in shares of Corning in the fourth quarter worth about $490,933,000. Polar Capital Holdings Plc bought a new stake in shares of Corning in the fourth quarter worth $124,253,000. Mariner LLC raised its holdings in Corning by 134.0% in the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after acquiring an additional 2,215,840 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after acquiring an additional 1,483,151 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after acquiring an additional 1,156,746 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of GLW traded up $0.10 during mid-day trading on Tuesday, reaching $54.00. 1,468,151 shares of the company's stock traded hands, compared to its average volume of 5,245,259. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The business's 50-day moving average price is $50.70 and its 200-day moving average price is $48.47. The stock has a market capitalization of $46.25 billion, a P/E ratio of 103.79, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 earnings per share. Equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. upped their target price on shares of Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Mizuho set a $59.00 price objective on Corning and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley lifted their target price on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Citigroup upped their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, UBS Group increased their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $57.45.

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.