Rock Point Advisors LLC Has $5.28 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Rock Point Advisors LLC reduced its position in Corning Incorporated (NYSE:GLW) by 20.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 135,983 shares of the electronics maker’s stock after selling 35,637 shares during the period. Corning accounts for approximately 1.6% of Rock Point Advisors LLC’s investment portfolio, making the stock its 27th largest holding. Rock Point Advisors LLC’s holdings in Corning were worth $5,283,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Wellington Management Group LLP raised its holdings in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Norges Bank acquired a new position in Corning in the fourth quarter valued at approximately $247,721,000. FIL Ltd boosted its stake in Corning by 1.5% in the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $42.50 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market capitalization of $36.37 billion, a price-to-earnings ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The business’s 50-day moving average price is $41.84 and its two-hundred day moving average price is $37.15. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Ratings Changes

Several research analysts have recently issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 31st. Oppenheimer reiterated an “outperform” rating and issued a $47.00 price target (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Bank of America cut their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.62.

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.