Princeton Capital Management LLC Sells 16,845 Shares of Corning Incorporated (NYSE:GLW)

Princeton Capital Management LLC lessened its position in Corning Incorporated (NYSE:GLW) by 30.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,766 shares of the electronics maker’s stock after selling 16,845 shares during the period. Princeton Capital Management LLC’s holdings in Corning were worth $1,705,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD grew its holdings 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 worth $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its position in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Shellback Capital LP purchased a new stake in shares of Corning in the 2nd quarter worth about $34,483,000. Finally, Conning Inc. lifted its position in shares of Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after purchasing an additional 875,008 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $46.44 on Tuesday. The company has a 50 day moving average price of $45.85 and a 200-day moving average price of $41.68. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm has a market capitalization of $39.76 billion, a PE ratio of 273.18, a P/E/G ratio of 1.49 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

Several research firms have recently commented on GLW. Susquehanna raised 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Bank of America lifted their price target 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, Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.