Hudson Valley Investment Advisors Inc. ADV Sells 4,950 Shares of Corning Incorporated (NYSE:GLW)

Hudson Valley Investment Advisors Inc. ADV decreased its position in shares of Corning Incorporated (NYSE:GLW) by 9.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,537 shares of the electronics maker’s stock after selling 4,950 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Corning were worth $1,327,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of GLW. Nelson Roberts Investment Advisors LLC lifted its stake in Corning by 31.7% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 314 shares during the period. We Are One Seven LLC lifted its stake in Corning by 1.0% in the second quarter. We Are One Seven LLC now owns 32,123 shares of the electronics maker’s stock worth $1,067,000 after acquiring an additional 322 shares during the period. Flagship Harbor Advisors LLC lifted its stake in Corning by 3.9% in the second quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock worth $285,000 after acquiring an additional 322 shares during the period. Trust Co. of Vermont lifted its stake in Corning by 2.6% in the second quarter. Trust Co. of Vermont now owns 12,867 shares of the electronics maker’s stock worth $428,000 after acquiring an additional 324 shares during the period. Finally, Greenleaf Trust lifted its stake in Corning by 2.9% in the second quarter. Greenleaf Trust now owns 12,307 shares of the electronics maker’s stock worth $409,000 after acquiring an additional 345 shares during the period. Institutional investors and hedge funds own 71.27% of the company’s stock.

In other news, insider Clark S. Kinlin sold 9,667 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total transaction of $270,095.98. Following the transaction, the insider now owns 70,648 shares in the company, valued at $1,973,905.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Shares of Corning stock opened at $29.33 on Friday. The company has a market capitalization of $22.92 billion, a PE ratio of 16.48, a P/E/G ratio of 1.89 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The company has a 50-day simple moving average of $28.39 and a two-hundred day simple moving average of $30.79. Corning Incorporated has a one year low of $26.75 and a one year high of $35.34.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. On average, equities analysts predict that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.73%. Corning’s dividend payout ratio (DPR) is currently 44.94%.

A number of analysts recently weighed in on GLW shares. Citigroup set a $32.00 price objective on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Barclays set a $33.00 price objective on shares of Corning and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Friday, September 6th. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $33.67.

Corning Company 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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