Hudson Valley Investment Advisors Inc. ADV Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Hudson Valley Investment Advisors Inc. ADV cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,615 shares of the electronics maker’s stock after selling 1,100 shares during the quarter. Hudson Valley Investment Advisors Inc. ADV’s holdings in Corning were worth $434,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in GLW. Price T Rowe Associates Inc. MD raised its holdings in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Natixis grew its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Pathway Financial Advisers LLC increased its position in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the period. Finally, Shellback Capital LP purchased a new position in shares of Corning during the 2nd quarter valued at $34,483,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.9 %

Corning stock opened at $47.59 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning Incorporated has a fifty-two week low of $26.41 and a fifty-two week high of $51.03. The stock has a market cap of $40.72 billion, a P/E ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. The firm’s fifty day moving average price is $44.40 and its 200-day moving average price is $40.22.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. Equities research analysts forecast that Corning Incorporated will post 1.93 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Susquehanna raised their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Company 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.