Canton Hathaway LLC Has $320,000 Holdings in Corning Incorporated (NYSE:GLW)

Canton Hathaway LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,000 shares of the electronics maker’s stock after selling 335 shares during the quarter. Canton Hathaway LLC’s holdings in Corning were worth $320,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Stonegate Investment Group LLC grew its stake in shares of Corning by 33.6% during the 1st quarter. Stonegate Investment Group LLC now owns 5,840 shares of the electronics maker’s stock worth $267,000 after acquiring an additional 1,469 shares during the period. Jamison Private Wealth Management Inc. grew its stake in shares of Corning by 1.5% during the 1st quarter. Jamison Private Wealth Management Inc. now owns 76,895 shares of the electronics maker’s stock worth $3,520,000 after acquiring an additional 1,140 shares during the period. Cantor Fitzgerald Investment Advisors L.P. bought a new position in shares of Corning during the 1st quarter worth $7,143,000. Good Steward Wealth Advisors LLC purchased a new stake in Corning during the 1st quarter worth about $296,000. Finally, ORG Partners LLC lifted its holdings in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after purchasing an additional 476 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on GLW shares. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.75.

Corning Price Performance

GLW opened at $50.42 on Friday. The stock’s 50 day simple moving average is $47.08 and its 200 day simple moving average is $47.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The firm has a market cap of $43.18 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.22%. Corning’s dividend payout ratio is currently 215.38%.

Insider Transactions at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president now directly owns 25,000 shares in the company, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by insiders.

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.