Moors & Cabot Inc. Reduces Holdings in Corning Incorporated (NYSE:GLW)

Moors & Cabot Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 30.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,661 shares of the electronics maker’s stock after selling 24,498 shares during the period. Moors & Cabot Inc.’s holdings in Corning were worth $2,558,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. City Holding Co. increased its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in Corning in the second quarter worth $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter worth $39,000. Global Trust Asset Management LLC boosted its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning in the third quarter worth $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $47.35 on Thursday. The company has a market capitalization of $40.54 billion, a price-to-earnings ratio of 278.53, a P/E/G ratio of 1.51 and a beta of 1.03. 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 current ratio of 1.66 and a quick ratio of 1.05. The business’s 50-day moving average is $46.08 and its 200-day moving average is $41.81.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning 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.