Icon Wealth Advisors LLC Decreases Position in Corning Incorporated (NYSE:GLW)

Icon Wealth Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,508 shares of the electronics maker’s stock after selling 554 shares during the period. Icon Wealth Advisors LLC’s holdings in Corning were worth $1,513,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Public Sector Pension Investment Board raised its position in shares of Corning by 13.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock worth $1,256,000 after purchasing an additional 3,400 shares during the last quarter. True Vision MN LLC acquired a new stake in shares of Corning during the third quarter valued at $396,000. RPg Family Wealth Advisory LLC purchased a new stake in Corning during the 3rd quarter worth about $40,000. CreativeOne Wealth LLC raised its stake in Corning by 20.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock valued at $449,000 after purchasing an additional 1,689 shares during the last quarter. Finally, Bridgewater Associates LP purchased a new position in Corning in the 3rd quarter valued at about $6,939,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 0.5 %

GLW opened at $48.22 on Friday. The company has a market cap of $41.29 billion, a PE ratio of 283.65, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a 50 day moving average price of $46.70 and a 200 day moving average price of $42.36.

Corning (NYSE:GLW) last released its quarterly earnings data 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 company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current 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 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GLW shares. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.