John G Ullman & Associates Inc. Sells 33,554 Shares of Corning Incorporated (NYSE:GLW)

John G Ullman & Associates Inc. trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 669,877 shares of the electronics maker's stock after selling 33,554 shares during the quarter. Corning comprises 4.3% of John G Ullman & Associates Inc.'s investment portfolio, making the stock its 2nd biggest holding. John G Ullman & Associates Inc. owned 0.08% of Corning worth $30,245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Los Angeles Capital Management LLC lifted its holdings 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 valued at $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings 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 valued at $47,428,000 after buying an additional 1,026,626 shares during the period. Shellback Capital LP acquired a new position in Corning during the second quarter worth $34,483,000. Finally, Conning Inc. raised its holdings in Corning by 14,556.8% during the third 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 last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 1.0 %

Shares of NYSE:GLW traded up $0.49 during midday trading on Thursday, reaching $47.84. The company's stock had a trading volume of 4,336,937 shares, compared to its average volume of 5,655,482. The firm has a market cap of $40.96 billion, a price-to-earnings ratio of 278.53, a price-to-earnings-growth ratio of 1.51 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 Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The business has a 50 day moving average price of $46.08 and a 200 day moving average price of $41.81.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current 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 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Mizuho raised 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 report on Wednesday, August 21st. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley reaffirmed an "equal weight" rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.