Corning Incorporated (NYSE:GLW) is John G Ullman & Associates Inc.’s 2nd Largest Position

John G Ullman & Associates Inc. grew its position in Corning Incorporated (NYSE:GLW) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 744,708 shares of the electronics maker’s stock after buying an additional 14,758 shares during the period. Corning accounts for approximately 3.6% of John G Ullman & Associates Inc.’s investment portfolio, making the stock its 2nd largest position. John G Ullman & Associates Inc.’s holdings in Corning were worth $22,676,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Western Wealth Management LLC boosted its position in shares of Corning by 11.9% during the 4th quarter. Western Wealth Management LLC now owns 28,769 shares of the electronics maker’s stock worth $876,000 after purchasing an additional 3,050 shares during the period. Integral Investment Advisors Inc. purchased a new position in Corning in the 4th quarter valued at approximately $202,000. Federated Hermes Inc. boosted its position in Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying an additional 1,229,031 shares during the period. Daiwa Securities Group Inc. boosted its position in Corning by 6.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 71,644 shares of the electronics maker’s stock valued at $2,182,000 after buying an additional 4,255 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Corning by 3.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,081 shares of the electronics maker’s stock valued at $4,205,000 after buying an additional 4,342 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW traded up $0.30 on Friday, reaching $31.21. The company had a trading volume of 2,235,562 shares, compared to its average volume of 4,720,717. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market capitalization of $26.70 billion, a PE ratio of 46.10, a P/E/G ratio of 1.71 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average price of $32.33 and a 200-day moving average price of $30.38.

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

Corning Announces Dividend

The firm 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. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.59%. Corning’s payout ratio is 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. UBS Group raised their price target 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. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. raised their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. One equities research 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’s stock. According to data from MarketBeat, Corning presently has an average rating of “Hold” and an average price target of $34.56.

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.