B. Riley Wealth Advisors Inc. Sells 2,585 Shares of Corning Incorporated (NYSE:GLW)

B. Riley Wealth Advisors Inc. lowered its holdings in Corning Incorporated (NYSE:GLW) by 3.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,724 shares of the electronics maker’s stock after selling 2,585 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Corning were worth $2,553,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Bridgefront Capital LLC bought a new stake in shares of Corning in the 4th quarter valued at approximately $813,000. MBB Public Markets I LLC raised its stake in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Wahed Invest LLC lifted its holdings in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 1,028 shares during the period. Belpointe Asset Management LLC lifted its holdings in shares of Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Stock Performance

Shares of NYSE:GLW opened at $44.54 on Wednesday. The company has a market capitalization of $38.15 billion, a price-to-earnings ratio of 62.73, a P/E/G ratio of 1.73 and a beta of 1.04. The firm’s 50 day simple moving average is $41.71 and its 200 day simple moving average is $38.18. 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 fifty-two week low of $25.26 and a fifty-two week high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

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.