ProShare Advisors LLC Cuts Holdings in Corning Incorporated (NYSE:GLW)

ProShare Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 368,916 shares of the electronics maker’s stock after selling 15,526 shares during the period. ProShare Advisors LLC’s holdings in Corning were worth $14,332,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of GLW. Bridgefront Capital LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $813,000. Wahed Invest LLC grew its position 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 valued at $395,000 after purchasing an additional 1,028 shares during the period. Belpointe Asset Management LLC increased its stake 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 worth $253,000 after purchasing an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Corning by 75.5% during 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. Finally, Elo Mutual Pension Insurance Co lifted its stake in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $44.66 on Tuesday. The business’s fifty day simple moving average is $41.71 and its 200-day simple moving average is $37.66. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $38.25 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer lifted their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Company 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.