Sierra Summit Advisors LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Sierra Summit Advisors LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 88.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,530 shares of the electronics maker's stock after selling 238,164 shares during the quarter. Sierra Summit Advisors LLC's holdings in Corning were worth $1,489,000 at the end of the most recent quarter.

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Other institutional investors and hedge funds also recently modified their holdings of the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new position in Corning during the fourth quarter valued at $30,000. Investment Management Corp VA ADV grew its holdings in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares during the period. Finally, Headlands Technologies LLC bought a new position in Corning during the first quarter valued at $38,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 219,484 shares of company stock valued at $13,189,084 over the last three months. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

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Several equities analysts have weighed in on the company. Argus reissued a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. Barclays increased their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Mizuho increased their price objective on Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a report on Friday. Wall Street Zen raised Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Finally, Citigroup increased their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.17.

Get Our Latest Stock Report on GLW

Corning Trading Up 1.7%

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Corning stock opened at $65.84 on Friday. The stock has a market cap of $56.40 billion, a P/E ratio of 70.04, a PEG ratio of 1.46 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50. The firm's fifty day moving average price is $54.21 and its 200-day moving average price is $49.68. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the firm posted $0.47 earnings per share. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

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.

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