Mount Yale Investment Advisors LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Mount Yale Investment Advisors LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 169,371 shares of the electronics maker’s stock after selling 15,606 shares during the period. Corning accounts for 0.5% of Mount Yale Investment Advisors LLC’s investment portfolio, making the stock its 25th biggest position. Mount Yale Investment Advisors LLC’s holdings in Corning were worth $6,580,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. Access Investment Management LLC purchased a new position in shares of Corning during the 1st quarter worth $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Corning by 347.3% during 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 during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the first quarter worth $33,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Corning in the first quarter valued at $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE GLW opened at $44.50 on Friday. The company has a market capitalization of $38.08 billion, a price-to-earnings ratio of 62.68, a PEG 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. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The business has a 50-day moving average of $41.73 and a 200-day moving average of $37.54.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group raised their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Oppenheimer boosted their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.00.

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.