Corning Incorporated (NYSE:GLW) Stock Position Cut by John G Ullman & Associates Inc.

John G Ullman & Associates Inc. trimmed its stake in Corning Incorporated (NYSE:GLW) by 4.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 669,877 shares of the electronics maker’s stock after selling 33,554 shares during the period. Corning accounts for about 4.3% of John G Ullman & Associates Inc.’s investment portfolio, making the stock its 2nd biggest holding. John G Ullman & Associates Inc. owned about 0.08% of Corning worth $30,245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. West Oak Capital LLC boosted its position in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the period. SteelPeak Wealth LLC boosted its position in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust grew its stake in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. raised its holdings in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW opened at $47.35 on Thursday. 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 company’s 50-day simple moving average is $46.08 and its two-hundred day simple moving average is $41.81. The stock has a market capitalization of $40.54 billion, a P/E ratio of 278.53, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GLW. Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.