Rock Point Advisors LLC Has $6 Million Holdings in Corning Incorporated (NYSE:GLW)

Rock Point Advisors LLC decreased its position in Corning Incorporated (NYSE:GLW) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,910 shares of the electronics maker’s stock after selling 3,073 shares during the period. Corning makes up 1.6% of Rock Point Advisors LLC’s holdings, making the stock its 23rd biggest holding. Rock Point Advisors LLC’s holdings in Corning were worth $6,001,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. SVB Wealth LLC increased its holdings in Corning by 7.0% in the first quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock worth $345,000 after purchasing an additional 689 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Corning by 5.5% during the first quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock worth $2,081,000 after acquiring an additional 3,540 shares in the last quarter. Tidal Investments LLC raised its stake in Corning by 8.6% during the 1st quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock worth $1,657,000 after buying an additional 3,996 shares during the period. Comerica Bank grew its stake in Corning by 1.8% in the first quarter. Comerica Bank now owns 697,872 shares of the electronics maker’s stock valued at $23,002,000 after acquiring an additional 12,532 shares during the period. Finally, Garner Asset Management Corp increased its holdings in shares of Corning by 2.5% during the first quarter. Garner Asset Management Corp now owns 50,383 shares of the electronics maker’s stock valued at $1,661,000 after acquiring an additional 1,222 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. 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 research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Price Performance

Shares of GLW stock traded down $0.33 during trading on Tuesday, hitting $47.93. The company had a trading volume of 147,482 shares, compared to its average volume of 5,633,502. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The stock has a market capitalization of $41.04 billion, a price-to-earnings ratio of 284.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. 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 stock’s 50-day moving average is $46.43 and its two-hundred day moving average is $42.18.

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

Corning Dividend Announcement

The firm also recently declared 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. This represents a $1.12 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 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.