Portside Wealth Group LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Portside Wealth Group LLC reduced its position in Corning Incorporated (NYSE:GLW) by 24.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 22,472 shares of the electronics maker’s stock after selling 7,268 shares during the period. Portside Wealth Group LLC’s holdings in Corning were worth $1,015,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Price T Rowe Associates Inc. MD lifted its stake in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Natixis increased its holdings in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the period. Pathway Financial Advisers LLC raised its position in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the period. Finally, Shellback Capital LP acquired a new position in Corning in the second quarter valued at $34,483,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GLW shares. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Shares of GLW opened at $48.74 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The company has a 50-day simple moving average of $45.10 and a 200-day simple moving average of $40.92. The company has a market capitalization of $41.73 billion, a PE ratio of 286.71, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. Equities research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

About Corning

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.