John G Ullman & Associates Inc. Has $23.53 Million Stock Position in Corning Incorporated (NYSE:GLW)

John G Ullman & Associates Inc. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 713,833 shares of the electronics maker’s stock after selling 30,875 shares during the period. Corning accounts for 3.6% of John G Ullman & Associates Inc.’s portfolio, making the stock its 2nd largest position. John G Ullman & Associates Inc. owned approximately 0.08% of Corning worth $23,528,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Alaska Permanent Fund Corp raised its holdings in shares of Corning by 0.4% in the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after purchasing an additional 329 shares in the last quarter. Level Four Advisory Services LLC raised its holdings in shares of Corning by 3.8% in the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares in the last quarter. Madison Asset Management LLC raised its holdings in shares of Corning by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after purchasing an additional 349 shares in the last quarter. Patron Partners LLC raised its holdings in shares of Corning by 2.4% in the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock valued at $487,000 after purchasing an additional 349 shares in the last quarter. Finally, First Trust Direct Indexing L.P. raised its holdings in shares of Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock traded down $0.42 on Thursday, hitting $45.06. The company’s stock had a trading volume of 9,991,751 shares, compared to its average volume of 5,852,538. The firm has a fifty day moving average price of $37.59 and a 200-day moving average price of $33.81. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $45.87. The company has a market capitalization of $38.60 billion, a P/E ratio of 63.46, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $0.41 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

Several research firms recently commented on GLW. Mizuho boosted their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Argus increased their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of Corning in a report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.92.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock valued at $5,876,067 in the last 90 days. 0.45% of the stock is currently owned by insiders.

Corning 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.