Integrated Wealth Concepts LLC Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

Integrated Wealth Concepts LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 27.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,959 shares of the electronics maker's stock after selling 20,521 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Corning were worth $2,481,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. City Holding Co. grew its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in shares of Corning in the second quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning in the 3rd quarter valued at $40,000. Finally, Global Trust Asset Management LLC increased its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after purchasing an additional 900 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Corning Stock Performance

Corning stock traded down $0.20 during mid-day trading on Friday, reaching $49.56. 3,277,802 shares of the company traded hands, compared to its average volume of 3,790,145. Corning Incorporated has a fifty-two week low of $28.76 and a fifty-two week high of $51.03. The firm's fifty day moving average is $47.23 and its two-hundred day moving average is $42.95. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market capitalization of $42.43 billion, a price-to-earnings ratio of 291.53, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is presently 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a report on Wednesday. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and raised their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.08.

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.