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

Rock Point Advisors LLC cut its position in Corning Incorporated (NYSE:GLW) by 20.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,983 shares of the electronics maker’s stock after selling 35,637 shares during the quarter. Corning comprises approximately 1.6% of Rock Point Advisors LLC’s holdings, making the stock its 27th biggest position. Rock Point Advisors LLC’s holdings in Corning were worth $5,283,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Corning in the 4th quarter valued at about $247,721,000. Price T Rowe Associates Inc. MD lifted its stake in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP grew its holdings in Corning by 9.0% during the fourth 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 period. Goldman Sachs Group Inc. increased its position in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Natixis raised its stake in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock opened at $42.50 on Friday. The company’s 50-day moving average price is $41.84 and its two-hundred day moving average price is $37.15. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $36.37 billion, a P/E ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm posted $0.45 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GLW. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Citigroup increased their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Bank of America reduced their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

About Corning

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.