Moors & Cabot Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Moors & Cabot Inc. lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 30.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,661 shares of the electronics maker's stock after selling 24,498 shares during the quarter. Moors & Cabot Inc.'s holdings in Corning were worth $2,558,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of GLW. West Oak Capital LLC grew its holdings in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock worth $2,328,000 after acquiring an additional 215 shares during the period. Lake Street Advisors Group LLC raised its position in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock valued at $246,000 after buying an additional 232 shares during the period. SteelPeak Wealth LLC boosted its position in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after acquiring an additional 239 shares during the period. Grove Bank & Trust increased its stake in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after buying an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. raised its holdings in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock worth $770,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on GLW shares. Morgan Stanley reiterated an "equal weight" rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Finally, UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.08.

Corning Stock Up 0.7 %

Shares of GLW stock traded up $0.32 during mid-day trading on Thursday, hitting $47.67. The company's stock had a trading volume of 771,015 shares, compared to its average volume of 5,639,704. The stock has a market cap of $40.82 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.51 and a beta of 1.03. The business has a 50-day moving average price of $46.08 and a 200 day moving average price of $41.81. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is presently 658.82%.

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.