Front Street Capital Management Inc. Sells 12,382 Shares of Corning Incorporated (NYSE:GLW)

Front Street Capital Management Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 4.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 248,488 shares of the electronics maker’s stock after selling 12,382 shares during the quarter. Corning comprises approximately 1.9% of Front Street Capital Management Inc.’s holdings, making the stock its 15th largest holding. Front Street Capital Management Inc.’s holdings in Corning were worth $9,654,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Grove Bank & Trust lifted its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY lifted its holdings in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after acquiring an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC grew its position in Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after acquiring an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in Corning by 21.2% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. raised its position in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.3 %

NYSE:GLW opened at $44.66 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market cap of $38.25 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The company has a 50-day moving average of $41.71 and a 200 day moving average of $37.66. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. As a group, research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. Corning’s dividend payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. Citigroup boosted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Barclays increased their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Susquehanna lifted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research report on Tuesday, July 9th. Finally, Argus boosted their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

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.