Carret Asset Management LLC Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,116 shares of the electronics maker’s stock after selling 12,970 shares during the quarter. Carret Asset Management LLC’s holdings in Corning were worth $4,159,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLW. Access Investment Management LLC purchased a new stake in Corning during the first quarter valued at approximately $28,000. City Holding Co. raised its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. Register Financial Advisors LLC bought a new stake in Corning in the first quarter worth $33,000. ESL Trust Services LLC purchased a new position in Corning during the first quarter worth $33,000. Finally, Accordant Advisory Group Inc bought a new position in Corning during the second quarter valued at $39,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE GLW opened at $46.25 on Friday. The company has a market cap of $39.62 billion, a PE ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. The firm’s 50 day moving average price is $43.86 and its 200-day moving average price is $39.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52-week low of $26.37 and a 52-week high of $47.72.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’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 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GLW shares. Oppenheimer raised their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Barclays raised their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

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.