Gabelli Funds LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Gabelli Funds LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 555,000 shares of the electronics maker’s stock after selling 3,500 shares during the period. Gabelli Funds LLC owned about 0.06% of Corning worth $21,562,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Bridgefront Capital LLC bought a new position in Corning in the 4th quarter valued at $813,000. Wahed Invest LLC increased its stake in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares during the period. Belpointe Asset Management LLC lifted its holdings in Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after buying an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after buying an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its stake in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after acquiring an additional 3,152 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE GLW opened at $44.50 on Monday. The firm’s fifty day simple moving average is $41.73 and its two-hundred day simple moving average is $37.58. The firm has a market capitalization of $38.12 billion, a P/E ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. 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 $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. 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 business earned $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research reports. Barclays boosted their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $47.00.

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.