Fidelity D & D Bancorp Inc. Lowers Holdings in Corning Incorporated (NYSE:GLW)

Fidelity D & D Bancorp Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,801 shares of the electronics maker’s stock after selling 293 shares during the period. Fidelity D & D Bancorp Inc.’s holdings in Corning were worth $225,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GLW. Access Investment Management LLC purchased a new stake in Corning during the first quarter valued at about $28,000. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the 1st quarter worth about $33,000. Register Financial Advisors LLC acquired a new stake in Corning during the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC purchased a new position in Corning in the first quarter valued at approximately $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 1.7 %

GLW opened at $40.66 on Friday. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market capitalization of $34.79 billion, a PE ratio of 57.26, a P/E/G ratio of 1.60 and a beta of 1.04. The firm’s fifty day moving average price is $41.52 and its 200 day moving average price is $36.80.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.75%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analyst Weigh In

Several research firms have issued reports on GLW. Barclays boosted their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Wednesday, July 31st. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Six 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

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.