Auxier Asset Management Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Auxier Asset Management decreased its position in Corning Incorporated (NYSE:GLW) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 130,051 shares of the electronics maker’s stock after selling 500 shares during the period. Auxier Asset Management’s holdings in Corning were worth $5,872,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. City Holding Co. lifted its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning during the third quarter worth $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% in the 3rd 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. Finally, Venturi Wealth Management LLC increased its holdings in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.5 %

Shares of GLW stock opened at $48.22 on Friday. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.54 and a beta of 1.03. The firm’s 50-day moving average is $46.70 and its 200-day moving average is $42.36.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. Sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’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 sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was 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. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning presently has an average 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.