ASB Consultores LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

ASB Consultores LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 35.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,566 shares of the electronics maker’s stock after selling 4,181 shares during the period. ASB Consultores LLC’s holdings in Corning were worth $294,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GLW. Cape Investment Advisory Inc. boosted its holdings in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares in the last quarter. Access Investment Management LLC acquired a new stake in Corning in the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC boosted its stake in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Corning during the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC acquired a new position in Corning during the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup boosted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Oppenheimer upped their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Corning Stock Performance

GLW opened at $44.50 on Friday. The stock has a market cap of $38.08 billion, a P/E ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a fifty day moving average price of $41.73 and a 200 day moving average price of $37.51. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 1.91 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. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.