Grandfield & Dodd LLC Sells 10,174 Shares of Corning Incorporated (NYSE:GLW)

Grandfield & Dodd LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 2.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 340,449 shares of the electronics maker’s stock after selling 10,174 shares during the quarter. Grandfield & Dodd LLC’s holdings in Corning were worth $15,371,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. West Oak Capital LLC boosted its holdings in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its stake in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 1.9 %

Shares of Corning stock opened at $47.30 on Wednesday. The company has a market capitalization of $40.50 billion, a P/E ratio of 278.24, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50-day moving average of $45.97 and a two-hundred day moving average of $41.78. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03.

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

Corning Dividend Announcement

The business 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s dividend payout ratio is 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.