Corning Incorporated (NYSE:GLW) Shares Sold by Princeton Capital Management LLC

Princeton Capital Management LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 30.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,766 shares of the electronics maker's stock after selling 16,845 shares during the period. Princeton Capital Management LLC's holdings in Corning were worth $1,705,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Prospera Financial Services Inc purchased a new stake in shares of Corning during the third quarter valued at $264,000. Meeder Asset Management Inc. bought a new position in Corning in the 3rd quarter worth about $168,000. Caprock Group LLC increased its position in shares of Corning by 2.5% during the third quarter. Caprock Group LLC now owns 27,928 shares of the electronics maker's stock worth $1,261,000 after acquiring an additional 682 shares during the period. Aviance Capital Partners LLC raised its stake in shares of Corning by 23.9% during the third quarter. Aviance Capital Partners LLC now owns 31,612 shares of the electronics maker's stock valued at $1,427,000 after acquiring an additional 6,092 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Corning in the third quarter valued at approximately $106,000. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.08.

Corning Stock Performance

NYSE:GLW traded up $0.74 during mid-day trading on Tuesday, hitting $47.18. The company's stock had a trading volume of 3,134,113 shares, compared to its average volume of 5,658,725. The business's fifty day moving average is $45.85 and its two-hundred day moving average is $41.68. The stock has a market cap of $40.40 billion, a price-to-earnings ratio of 273.18, a PEG ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year 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.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.37%. Corning's payout ratio is 658.82%.

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.