Wellington Shields Capital Management LLC Buys 500 Shares of Corning Incorporated (NYSE:GLW)

Wellington Shields Capital Management LLC increased its stake in Corning Incorporated (NYSE:GLW) by 1.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,000 shares of the electronics maker’s stock after purchasing an additional 500 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Corning were worth $1,088,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Bridgefront Capital LLC bought a new stake in shares of Corning during the 4th quarter worth $813,000. Natixis Advisors L.P. raised its stake in Corning by 29.6% during the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares during the last quarter. Wahed Invest LLC boosted its holdings in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares during the period. Belpointe Asset Management LLC lifted its stake in shares of Corning by 26.4% in the fourth 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 during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Oppenheimer reiterated an “outperform” rating and issued a $47.00 price objective (down previously from $50.00) on shares of Corning 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. Bank of America lowered their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Argus raised their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Susquehanna lifted their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Price Performance

Shares of GLW traded up $0.45 on Friday, hitting $41.82. The company’s stock had a trading volume of 377,252 shares, compared to its average volume of 5,970,772. The company has a market capitalization of $35.79 billion, a PE ratio of 58.27, a PEG ratio of 1.60 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a 50 day moving average price of $41.48 and a 200 day moving average price of $36.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

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.