ELCO Management Co. LLC Has $633,000 Holdings in Corning Incorporated (NYSE:GLW)

ELCO Management Co. LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 13.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 16,301 shares of the electronics maker’s stock after selling 2,490 shares during the period. ELCO Management Co. LLC’s holdings in Corning were worth $633,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in GLW. Grove Bank & Trust raised its position in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its holdings in Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 251 shares during the period. Long Run Wealth Advisors LLC boosted its holdings in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 274 shares during the period. Mark Sheptoff Financial Planning LLC grew its position in shares of Corning by 21.2% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares during the last quarter. Finally, Legacy Capital Group California Inc. increased its stake in shares of Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares during the period. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Performance

Shares of Corning stock opened at $45.30 on Wednesday. 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 firm has a 50 day simple moving average of $41.69 and a 200 day simple moving average of $37.75. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market cap of $38.76 billion, a P/E ratio of 63.80, a P/E/G ratio of 1.72 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

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.