Dumont & Blake Investment Advisors LLC Sells 21,927 Shares of Corning Incorporated (NYSE:GLW)

Dumont & Blake Investment Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 50.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,785 shares of the electronics maker’s stock after selling 21,927 shares during the quarter. Dumont & Blake Investment Advisors LLC’s holdings in Corning were worth $984,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Park Avenue Securities LLC bought a new stake in Corning in the 1st quarter valued at approximately $252,000. Sunbelt Securities Inc. grew its stake in Corning by 92.0% in the first quarter. Sunbelt Securities Inc. now owns 9,600 shares of the electronics maker’s stock valued at $316,000 after purchasing an additional 4,600 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the 1st quarter valued at approximately $33,000. Courier Capital LLC raised its stake in Corning by 20.4% in the first quarter. Courier Capital LLC now owns 28,813 shares of the electronics maker’s stock valued at $950,000 after buying an additional 4,891 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on GLW. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Stock Down 0.7 %

Corning stock traded down $0.32 during midday trading on Friday, reaching $46.49. The stock had a trading volume of 177,732 shares, compared to its average volume of 5,672,776. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12 month low of $26.37 and a 12 month high of $47.72. The company has a fifty day moving average price of $43.61 and a two-hundred day moving average price of $39.63. The company has a market capitalization of $39.82 billion, a P/E ratio of 65.93, a PEG ratio of 1.77 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 1.91 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. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

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.