Wellington Shields & Co. LLC Raises Stock Position in Corning Incorporated (NYSE:GLW)

Wellington Shields & Co. LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 23.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,620 shares of the electronics maker’s stock after purchasing an additional 6,664 shares during the period. Wellington Shields & Co. LLC’s holdings in Corning were worth $1,345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Securities Inc. purchased a new position in shares of Corning in the 4th quarter valued at approximately $125,000. AGF Management Ltd. lifted its position in Corning by 9.0% during the 4th quarter. AGF Management Ltd. now owns 101,051 shares of the electronics maker’s stock valued at $3,077,000 after acquiring an additional 8,356 shares during the period. Avantax Advisory Services Inc. boosted its stake in Corning by 63.6% during the fourth quarter. Avantax Advisory Services Inc. now owns 29,442 shares of the electronics maker’s stock worth $897,000 after acquiring an additional 11,449 shares in the last quarter. Westpac Banking Corp grew its holdings in Corning by 22.0% in the fourth quarter. Westpac Banking Corp now owns 5,652 shares of the electronics maker’s stock worth $172,000 after purchasing an additional 1,021 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Corning by 8.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 805,178 shares of the electronics maker’s stock valued at $24,260,000 after acquiring an additional 59,477 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.5 %

Shares of Corning stock opened at $41.16 on Wednesday. The company has a fifty day moving average of $41.62 and a 200 day moving average of $36.98. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a market capitalization of $35.22 billion, a P/E ratio of 57.97, a P/E/G ratio of 1.57 and a beta of 1.04. 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 (NYSE:GLW) last released its quarterly earnings data 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.72%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price target (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.62.

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.