Graypoint LLC Sells 2,057 Shares of Corning Incorporated (NYSE:GLW)

Graypoint LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 13.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 12,690 shares of the electronics maker’s stock after selling 2,057 shares during the quarter. Graypoint LLC’s holdings in Corning were worth $573,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Two Point Capital Management Inc. boosted its holdings in Corning by 0.9% in the 3rd quarter. Two Point Capital Management Inc. now owns 75,928 shares of the electronics maker’s stock worth $3,428,000 after buying an additional 656 shares during the period. Socha Financial Group LLC boosted its holdings in shares of Corning by 144.8% in the third quarter. Socha Financial Group LLC now owns 52,698 shares of the electronics maker’s stock worth $2,379,000 after acquiring an additional 31,170 shares during the period. Benchmark Financial Wealth Advisors LLC grew its position in shares of Corning by 3.3% in the third quarter. Benchmark Financial Wealth Advisors LLC now owns 8,478 shares of the electronics maker’s stock valued at $383,000 after purchasing an additional 270 shares in the last quarter. Radnor Capital Management LLC bought a new stake in shares of Corning during the 3rd quarter valued at $1,880,000. Finally, Cornerstone Capital Inc. lifted its holdings in Corning by 1.6% during the 3rd quarter. Cornerstone Capital Inc. now owns 617,177 shares of the electronics maker’s stock worth $27,866,000 after purchasing an additional 9,706 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent analyst reports. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

Shares of Corning stock opened at $48.74 on Friday. The firm has a market capitalization of $41.73 billion, a PE ratio of 286.71, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03. The business’s 50-day moving average price is $45.10 and its 200-day moving average price is $40.92.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given 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 2.30%. Corning’s payout ratio 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.