Kingsview Wealth Management LLC Sells 442 Shares of Corning Incorporated (NYSE:GLW)

Kingsview Wealth Management LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,240 shares of the electronics maker’s stock after selling 442 shares during the period. Kingsview Wealth Management LLC’s holdings in Corning were worth $688,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after acquiring an additional 38,168 shares during the last quarter. Swiss National Bank increased its stake in Corning by 0.6% in the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock worth $109,060,000 after acquiring an additional 14,900 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after acquiring an additional 10,311 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Corning Price Performance

NYSE GLW opened at $48.22 on Thursday. The firm’s fifty day simple moving average is $46.62 and its two-hundred day simple moving average is $42.32. The firm has a market capitalization of $41.29 billion, a P/E ratio of 283.65, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. 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. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.