Corning Incorporated (NYSE:GLW) Shares Sold by Cetera Advisors LLC

Cetera Advisors LLC cut its stake in Corning Incorporated (NYSE:GLW) by 6.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,520 shares of the electronics maker’s stock after selling 1,187 shares during the quarter. Cetera Advisors LLC’s holdings in Corning were worth $380,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Wealth Quarterback LLC acquired a new position in Corning in the fourth quarter valued at approximately $21,935,010,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in Corning by 11.9% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 19,919,567 shares of the electronics maker’s stock valued at $579,859,000 after acquiring an additional 2,120,941 shares during the period. Geode Capital Management LLC lifted its holdings in Corning by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,671,839 shares of the electronics maker’s stock valued at $339,054,000 after acquiring an additional 286,586 shares during the period. Janus Henderson Group PLC lifted its holdings in Corning by 8.6% in the fourth quarter. Janus Henderson Group PLC now owns 10,665,734 shares of the electronics maker’s stock valued at $310,479,000 after acquiring an additional 843,587 shares during the period. Finally, Norges Bank acquired a new position in Corning in the fourth quarter valued at approximately $232,539,000. 72.90% of the stock is owned by institutional investors.

Shares of GLW opened at $21.38 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.44 and a current ratio of 2.18. Corning Incorporated has a one year low of $17.44 and a one year high of $34.26. The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of 66.81, a PEG ratio of 11.13 and a beta of 1.09. The stock has a 50 day moving average price of $20.49 and a 200 day moving average price of $25.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was down 15.0% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend is Thursday, May 28th. Corning’s payout ratio is 50.00%.

GLW has been the subject of several research analyst reports. Susquehanna Bancshares reaffirmed a “hold” rating and set a $22.00 target price on shares of Corning in a research note on Tuesday, April 28th. Morgan Stanley reduced their target price on Corning from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 7th. Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $26.00 to $22.00 in a research note on Wednesday, April 29th. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. Finally, TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Eleven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $30.00.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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