Cetera Advisor Networks LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 26,072 shares of the electronics maker’s stock after selling 3,866 shares during the period. Cetera Advisor Networks LLC’s holdings in Corning were worth $744,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of GLW. Manchester Financial Inc. bought a new position in shares of Corning during the 2nd quarter worth approximately $29,000. Horan Securities Inc. bought a new position in shares of Corning during the 3rd quarter worth approximately $29,000. B & T Capital Management DBA Alpha Capital Management bought a new position in shares of Corning during the 3rd quarter worth approximately $29,000. TRUE Private Wealth Advisors acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $31,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Corning during the 2nd quarter valued at $33,000. 71.54% of the stock is owned by institutional investors.
GLW opened at $29.35 on Monday. Corning Incorporated has a fifty-two week low of $26.75 and a fifty-two week high of $35.34. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.06 and a current ratio of 1.71. The company has a market capitalization of $22.27 billion, a P/E ratio of 16.49, a P/E/G ratio of 2.05 and a beta of 1.16. The stock has a fifty day moving average of $29.24 and a 200-day moving average of $30.17.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s dividend payout ratio is currently 44.94%.
In other news, VP Lewis A. Steverson sold 63,381 shares of Corning stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the completion of the sale, the vice president now owns 18,422 shares of the company’s stock, valued at $556,160.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Deborah Rieman sold 2,345 shares of Corning stock in a transaction on Friday, November 8th. The stock was sold at an average price of $30.05, for a total value of $70,467.25. Following the sale, the director now directly owns 103,158 shares of the company’s stock, valued at approximately $3,099,897.90. The disclosure for this sale can be found here. Insiders have sold 91,992 shares of company stock valued at $2,751,786 in the last three months. Insiders own 0.46% of the company’s stock.
Several equities research analysts have issued reports on GLW shares. Deutsche Bank downgraded Corning from a “buy” rating to a “hold” rating and cut their price target for the company from $33.00 to $30.00 in a report on Wednesday, October 30th. Citigroup reaffirmed a “buy” rating and set a $34.00 price target (up previously from $32.00) on shares of Corning in a report on Wednesday, October 30th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a report on Friday, September 6th. Finally, Susquehanna Bancshares reaffirmed a “neutral” rating and set a $30.00 price target (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $32.64.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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