John G Ullman & Associates Inc. Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

John G Ullman & Associates Inc. lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 713,833 shares of the electronics maker’s stock after selling 30,875 shares during the period. Corning makes up 3.6% of John G Ullman & Associates Inc.’s holdings, making the stock its 2nd largest position. John G Ullman & Associates Inc.’s holdings in Corning were worth $23,528,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. increased its position in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. Access Investment Management LLC acquired a new position in shares of Corning during the 1st quarter valued at $28,000. Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC grew its holdings in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Finally, Emfo LLC acquired a new position in shares of Corning in the 4th quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.45% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GLW shares. Citigroup lifted their price target on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley boosted their price target on Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, UBS Group upped their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.92.

Corning Stock Performance

GLW stock traded down $0.42 during mid-day trading on Thursday, hitting $45.06. 9,991,751 shares of the company were exchanged, compared to its average volume of 5,852,538. The business has a 50 day simple moving average of $37.59 and a 200-day simple moving average of $33.81. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $38.60 billion, a PE ratio of 63.46, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $45.87.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping 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 period last year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

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

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.