Corning Incorporated (NYSE:GLW) Shares Sold by Beacon Investment Advisory Services Inc.

Beacon Investment Advisory Services Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 8.5% during the third quarter, Holdings Channel reports. The firm owned 18,415 shares of the electronics maker’s stock after selling 1,700 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Corning were worth $831,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning in the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC boosted its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Corning Stock Performance

Corning stock opened at $49.24 on Tuesday. Corning Incorporated has a 12-month low of $28.30 and a 12-month high of $51.03. The company has a market capitalization of $42.16 billion, a price-to-earnings ratio of 289.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm’s fifty day moving average price is $46.87 and its 200 day moving average price is $42.66.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.