Abbot Financial Management Inc. Trims Holdings in Corning Incorporated (NYSE:GLW)

Abbot Financial Management Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 18.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,355 shares of the electronics maker’s stock after selling 10,050 shares during the quarter. Corning accounts for about 0.9% of Abbot Financial Management Inc.’s investment portfolio, making the stock its 29th largest position. Abbot Financial Management Inc.’s holdings in Corning were worth $1,762,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GLW. Bridgefront Capital LLC purchased a new position in shares of Corning during the 4th quarter valued at $813,000. Wahed Invest LLC lifted its holdings in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after buying an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in shares of Corning by 4.7% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GLW shares. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Mizuho upgraded 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 research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Performance

Shares of Corning stock opened at $42.91 on Tuesday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market capitalization of $36.72 billion, a PE ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The stock’s fifty day moving average is $41.84 and its two-hundred day moving average is $37.26. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.61%. Corning’s payout ratio is 157.75%.

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.