Rock Point Advisors LLC Trims Position in Corning Incorporated (NYSE:GLW)

Rock Point Advisors LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,910 shares of the electronics maker’s stock after selling 3,073 shares during the period. Corning accounts for approximately 1.6% of Rock Point Advisors LLC’s holdings, making the stock its 23rd biggest holding. Rock Point Advisors LLC’s holdings in Corning were worth $6,001,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Corning in the third quarter worth about $76,000. FMR LLC raised its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Canton Hathaway LLC lifted its stake in shares of Corning by 15.8% in the 3rd quarter. Canton Hathaway LLC now owns 7,335 shares of the electronics maker’s stock valued at $331,000 after purchasing an additional 1,000 shares during the period. Truvestments Capital LLC boosted its position in shares of Corning by 13.4% during the third quarter. Truvestments Capital LLC now owns 76,317 shares of the electronics maker’s stock valued at $3,446,000 after purchasing an additional 9,017 shares in the last quarter. Finally, Independent Advisor Alliance grew its stake in Corning by 342.5% in the third quarter. Independent Advisor Alliance now owns 55,986 shares of the electronics maker’s stock worth $2,528,000 after purchasing an additional 43,335 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW traded down $0.33 during midday trading on Tuesday, reaching $47.93. 147,482 shares of the stock traded hands, compared to its average volume of 5,633,502. The company’s 50 day moving average is $46.43 and its 200 day moving average is $42.18. Corning Incorporated has a one year low of $27.57 and a one 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. The stock has a market capitalization of $41.04 billion, a PE ratio of 284.06, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

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.