Corning Incorporated (NYSE:GLW) Stock Position Lowered by Godshalk Welsh Capital Management Inc.

Godshalk Welsh Capital Management Inc. lessened its position in Corning Incorporated (NYSE:GLW) by 7.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,950 shares of the electronics maker’s stock after selling 650 shares during the period. Godshalk Welsh Capital Management Inc.’s holdings in Corning were worth $309,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 35.1% during the first 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. Wellington Management Group LLP raised its position in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares during the period. Natixis raised its position in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW opened at $44.43 on Friday. The business has a 50 day moving average price of $41.76 and a 200 day moving average price of $37.43. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market cap of $38.02 billion, a price-to-earnings ratio of 62.58, a PEG ratio of 1.66 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.52%. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GLW shares. Oppenheimer reissued an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Susquehanna upped their price target on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.62.

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.