Moors & Cabot Inc. Acquires 20,512 Shares of Corning Incorporated (NYSE:GLW)

Moors & Cabot Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 33.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 81,159 shares of the electronics maker’s stock after purchasing an additional 20,512 shares during the period. Moors & Cabot Inc.’s holdings in Corning were worth $3,153,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GLW. Barclays boosted their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Bank of America reduced their target price 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Oppenheimer restated an “outperform” rating and issued a $47.00 price objective (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Trading Up 0.9 %

NYSE GLW opened at $43.30 on Wednesday. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. 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 business has a 50 day simple moving average of $41.81 and a 200 day simple moving average of $37.34. The stock has a market capitalization of $37.05 billion, a P/E ratio of 60.98, a P/E/G ratio of 1.66 and a beta of 1.04.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.59%. Corning’s dividend payout ratio (DPR) 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.