Canton Hathaway LLC Has $803,000 Position in Corning Incorporated (NYSE:GLW)

Canton Hathaway LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 9.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,151 shares of the electronics maker’s stock after selling 2,829 shares during the period. Corning accounts for about 0.4% of Canton Hathaway LLC’s portfolio, making the stock its 29th largest position. Canton Hathaway LLC’s holdings in Corning were worth $803,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC raised its holdings in Corning by 6,470.7% during the second quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after buying an additional 5,760,811 shares during the last quarter. Morgan Stanley raised its holdings in Corning by 82.0% during the second quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after buying an additional 3,614,848 shares during the last quarter. FMR LLC raised its holdings in Corning by 42.6% during the first quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after buying an additional 2,837,072 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Corning by 29.1% during the second quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after buying an additional 2,117,416 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. raised its holdings in Corning by 1,247.2% during the second quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after buying an additional 1,558,950 shares during the last quarter. Institutional investors own 71.13% of the company’s stock.

Several research analysts have weighed in on GLW shares. Barclays set a $33.00 price objective on shares of Corning and gave the stock a “buy” rating in a report on Tuesday, September 17th. UBS Group lowered their price objective on shares of Corning from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a report on Friday, September 6th. Bank of America lowered their price objective on shares of Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Finally, Morgan Stanley lowered their price objective on shares of Corning from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Corning has an average rating of “Buy” and an average price target of $33.67.



Shares of GLW stock traded up $0.86 on Friday, hitting $29.06. The stock had a trading volume of 8,012,803 shares, compared to its average volume of 4,977,790. The business has a 50 day moving average of $28.11 and a 200 day moving average of $30.95. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 1.76 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. Corning Incorporated has a 12-month low of $26.75 and a 12-month high of $35.34.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.75%. Corning’s dividend payout ratio is currently 44.94%.

In other news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the sale, the insider now owns 70,648 shares in the company, valued at $1,973,905.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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