Hanson & Doremus Investment Management Has $7.13 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Hanson & Doremus Investment Management grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 155,747 shares of the electronics maker's stock after buying an additional 10,813 shares during the quarter. Corning makes up 1.0% of Hanson & Doremus Investment Management's portfolio, making the stock its 16th largest position. Hanson & Doremus Investment Management's holdings in Corning were worth $7,130,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sierra Ocean LLC acquired a new stake in Corning in the fourth quarter worth about $25,000. Vermillion Wealth Management Inc. acquired a new stake in Corning in the fourth quarter worth about $29,000. Putney Financial Group LLC acquired a new stake in Corning in the fourth quarter worth about $30,000. Mainstream Capital Management LLC acquired a new stake in Corning in the fourth quarter worth about $35,000. Finally, JFS Wealth Advisors LLC increased its position in Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after purchasing an additional 512 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GLW. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Trading Down 2.5%

NYSE:GLW opened at $49.54 on Monday. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $42.43 billion, a PE ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The business's 50-day simple moving average is $46.19 and its 200-day simple moving average is $47.76.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the previous year, the business posted $0.38 EPS. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the sale, the senior vice president now owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. Corporate 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.

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