Corning Incorporated (NYSE:GLW) Holdings Raised by Strategy Asset Managers LLC

Strategy Asset Managers LLC increased its stake in Corning Incorporated (NYSE:GLW) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,248 shares of the electronics maker’s stock after purchasing an additional 1,949 shares during the quarter. Strategy Asset Managers LLC’s holdings in Corning were worth $2,885,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings 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 valued at $953,474,000 after acquiring an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after purchasing an additional 146,807 shares in the last quarter. Norges Bank acquired a new stake in shares of Corning in the fourth quarter worth $247,721,000. Finally, FIL Ltd grew its holdings in shares of Corning by 1.5% during the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after buying an additional 105,994 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

GLW traded up $0.36 on Wednesday, hitting $41.03. The company had a trading volume of 382,385 shares, compared to its average volume of 5,996,788. The stock has a market cap of $35.15 billion, a price-to-earnings ratio of 57.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. 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 company’s fifty day moving average price is $41.37 and its 200 day moving average price is $36.67. 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 for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.73%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. Oppenheimer restated an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Susquehanna boosted their price target on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Finally, Bank of America cut their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Corning 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.