Corning Incorporated (NYSE:GLW) is John G Ullman & Associates Inc.’s 2nd Largest Position

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC grew its position in shares of Corning by 21.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after purchasing an additional 5,151 shares in the last quarter. Bessemer Group Inc. increased its holdings in Corning by 3.1% in the 1st quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock valued at $812,000 after acquiring an additional 743 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in Corning in the 1st quarter worth $203,000. National Bank of Canada FI boosted its holdings in shares of Corning by 27.8% during the 1st quarter. National Bank of Canada FI now owns 570,161 shares of the electronics maker’s stock valued at $19,476,000 after purchasing an additional 123,929 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in shares of Corning by 11.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 609,155 shares of the electronics maker’s stock valued at $20,074,000 after purchasing an additional 62,018 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.1 %

Shares of NYSE GLW opened at $47.35 on Thursday. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two 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 has a market cap of $40.54 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.51 and a beta of 1.03. The business’s 50 day moving average price is $46.08 and its 200-day moving average price is $41.81.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business 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 dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s payout ratio is 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Susquehanna boosted their price target 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. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $50.08.

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.