Aviance Capital Partners LLC Has $853,000 Position in Corning Incorporated (NYSE:GLW)

Aviance Capital Partners LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,878 shares of the electronics maker’s stock after acquiring an additional 1,760 shares during the period. Aviance Capital Partners LLC’s holdings in Corning were worth $853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors L.P. increased its stake in shares of Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. Bridgefront Capital LLC acquired a new position in Corning during the fourth quarter worth about $813,000. Wahed Invest LLC lifted its holdings in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after acquiring an additional 1,028 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning in the 4th quarter valued at approximately $1,199,000. Finally, Belpointe Asset Management LLC grew its holdings in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 0.5 %

NYSE GLW opened at $38.66 on Tuesday. The stock has a market capitalization of $33.12 billion, a P/E ratio of 54.45, a P/E/G ratio of 1.77 and a beta of 1.05. The business has a 50 day simple moving average of $35.97 and a 200 day simple moving average of $33.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last quarter. Corporate insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on GLW. Bank of America raised their target price on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, June 14th. UBS Group upped their target price on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Citigroup upped their price objective on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Hold” and a consensus price target of $38.67.

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.