Tufton Capital Management Has $7.06 Million Position in Corning Incorporated (NYSE:GLW)

Tufton Capital Management lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.6% in the fourth quarter, according to its most recent filing with the SEC. 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 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Natixis Advisors L.P. increased its holdings in Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new position in Corning during the fourth quarter valued at approximately $1,199,000. HB Wealth Management LLC increased its stake in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC raised its holdings in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Finally, HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Corning has an average rating of “Hold” and a consensus target price of $34.56.

Corning Stock Up 0.1 %

NYSE GLW traded up $0.02 during trading hours on Thursday, hitting $31.00. 754,214 shares of the company traded hands, compared to its average volume of 4,703,317. The stock has a market capitalization 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 Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The business’s 50-day moving average is $32.35 and its 200-day moving average is $30.38. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.61%. Corning’s dividend payout ratio is 167.16%.

Insider Activity

In other Corning 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 transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

About Corning

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.