Auxier Asset Management Sells 13,300 Shares of Corning Incorporated (NYSE:GLW)

Auxier Asset Management lessened its position in shares of Corning Incorporated (NYSE:GLW) by 9.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,551 shares of the electronics maker’s stock after selling 13,300 shares during the period. Auxier Asset Management’s holdings in Corning were worth $5,072,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. CreativeOne Wealth LLC raised its position in Corning by 20.7% in the 4th quarter. CreativeOne Wealth LLC now owns 10,667 shares of the electronics maker’s stock valued at $325,000 after buying an additional 1,829 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Corning by 347.3% in the fourth 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. King Luther Capital Management Corp acquired a new position in Corning during the fourth quarter worth $897,000. Commerce Bank boosted its holdings in Corning by 17.7% during the fourth quarter. Commerce Bank now owns 92,890 shares of the electronics maker’s stock worth $2,828,000 after purchasing an additional 13,962 shares during the last quarter. Finally, SageView Advisory Group LLC bought a new position in Corning in the fourth quarter valued at $348,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.2 %

Shares of GLW opened at $44.50 on Friday. The firm has a market cap of $38.08 billion, a P/E ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The firm’s 50-day simple moving average is $41.73 and its 200 day simple moving average is $37.51.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.52%. Corning’s payout ratio is presently 157.75%.

Analysts Set New Price Targets

GLW has been the subject of a number of recent research reports. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. JPMorgan Chase & Co. raised their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

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.