Moors & Cabot Inc. Has $2.56 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Moors & Cabot Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 30.2% in the 3rd quarter, Holdings Channel reports. The fund owned 56,661 shares of the electronics maker’s stock after selling 24,498 shares during the quarter. Moors & Cabot Inc.’s holdings in Corning were worth $2,558,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Strategy Asset Managers LLC boosted its position in shares of Corning by 2.0% in the third quarter. Strategy Asset Managers LLC now owns 75,713 shares of the electronics maker’s stock valued at $3,418,000 after acquiring an additional 1,465 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Corning in the third quarter valued at approximately $50,000. Thompson Davis & CO. Inc. bought a new stake in shares of Corning in the third quarter valued at approximately $292,000. West Family Investments Inc. bought a new stake in shares of Corning in the third quarter valued at approximately $202,000. Finally, Second Half Financial Partners LLC bought a new stake in shares of Corning in the third quarter valued at approximately $494,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GLW shares. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of GLW stock opened at $47.35 on Thursday. The stock has a 50-day moving average price of $46.08 and a 200 day moving average price of $41.81. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.54 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s payout ratio is currently 658.82%.

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.