Princeton Capital Management LLC Sells 16,845 Shares of Corning Incorporated (NYSE:GLW)

Princeton Capital Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 30.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,766 shares of the electronics maker’s stock after selling 16,845 shares during the quarter. Princeton Capital Management LLC’s holdings in Corning were worth $1,705,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Corning by 0.5% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker’s stock valued at $14,659,000 after purchasing an additional 2,079 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Corning by 21.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock valued at $975,000 after purchasing an additional 5,151 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Corning by 3.1% during the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock valued at $812,000 after purchasing an additional 743 shares in the last quarter. Lake Street Advisors Group LLC purchased a new position in Corning during the first quarter valued at approximately $203,000. Finally, National Bank of Canada FI lifted its holdings in Corning by 27.8% during the first quarter. National Bank of Canada FI now owns 570,161 shares of the electronics maker’s stock valued at $19,476,000 after purchasing an additional 123,929 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted 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. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

GLW stock opened at $46.44 on Tuesday. The firm has a market cap of $39.76 billion, a price-to-earnings ratio of 273.18, a PEG ratio of 1.49 and a beta of 1.03. The firm has a 50-day simple moving average of $45.85 and a two-hundred day simple moving average of $41.68. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

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

Corning Dividend Announcement

The company 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. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

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.