Corning Incorporated (NYSE:GLW) Stock Holdings Increased by Wellington Shields Capital Management LLC

Wellington Shields Capital Management LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,000 shares of the electronics maker’s stock after purchasing an additional 500 shares during the period. Wellington Shields Capital Management LLC’s holdings in Corning were worth $1,088,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its stake in shares of Corning by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 235,056 shares of the electronics maker’s stock worth $9,132,000 after acquiring an additional 2,464 shares in the last quarter. Columbia Asset Management lifted its holdings in shares of Corning by 146.8% during the second quarter. Columbia Asset Management now owns 37,025 shares of the electronics maker’s stock valued at $1,438,000 after purchasing an additional 22,021 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Corning by 29.9% in the 2nd quarter. National Bank of Canada FI now owns 740,766 shares of the electronics maker’s stock valued at $28,599,000 after purchasing an additional 170,605 shares during the period. TD Asset Management Inc increased its stake in Corning by 124.0% in the 2nd quarter. TD Asset Management Inc now owns 610,344 shares of the electronics maker’s stock worth $23,712,000 after purchasing an additional 337,821 shares in the last quarter. Finally, Strategy Asset Managers LLC increased its stake in Corning by 2.7% in the 2nd quarter. Strategy Asset Managers LLC now owns 74,248 shares of the electronics maker’s stock worth $2,885,000 after purchasing an additional 1,949 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 1.1 %

Shares of GLW traded up $0.45 during midday trading on Friday, reaching $41.82. 377,252 shares of the stock were exchanged, compared to its average volume of 5,970,772. The company has a market cap of $35.79 billion, a price-to-earnings ratio of 58.27, a P/E/G ratio of 1.60 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a 50 day simple moving average of $41.48 and a 200-day simple moving average of $36.74.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 earnings per share. Research analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

Several research analysts have commented on GLW shares. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Barclays raised their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.62.

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.