Canton Hathaway LLC Has $331,000 Stock Position in Corning Incorporated (NYSE:GLW)

Canton Hathaway LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,335 shares of the electronics maker’s stock after acquiring an additional 1,000 shares during the quarter. Canton Hathaway LLC’s holdings in Corning were worth $331,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. City Holding Co. raised its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Accordant Advisory Group Inc bought a new stake in Corning during the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the 3rd quarter worth approximately $39,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the third quarter valued at approximately $45,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.45% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $48.90 on Monday. The stock has a market capitalization of $41.87 billion, a PE ratio of 285.41, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The firm has a fifty day simple moving average of $46.33 and a 200 day simple moving average of $42.08. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $0.45 EPS. On average, research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.29%. Corning’s dividend payout ratio is 658.82%.

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.