Tufton Capital Management Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Tufton Capital Management lessened its stake in Corning Incorporated (NYSE:GLW) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 231,838 shares of the electronics maker’s stock after selling 1,300 shares during the period. Tufton Capital Management’s holdings in Corning were worth $7,059,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Peoples Bank KS purchased a new position in Corning in the third quarter worth about $25,000. OFI Invest Asset Management purchased a new position in shares of Corning during the 3rd quarter worth $25,000. Janiczek Wealth Management LLC increased its stake in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares in the last quarter. Quarry LP bought a new position in Corning in the 2nd quarter worth $32,000. Finally, SRS Capital Advisors Inc. increased its position in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

GLW traded up $0.02 during trading hours on Thursday, hitting $31.00. The company’s stock had a trading volume of 754,214 shares, compared to its average volume of 4,703,317. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $32.35 and its 200-day moving average price is $30.38. The stock has a market cap of $26.52 billion, a price-to-earnings ratio of 46.24, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. Sell-side analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GLW shares. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of “Hold” and an average target price of $34.56.

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.