Financial Counselors Inc. Boosts Holdings in Corning Incorporated (NYSE:GLW)

Financial Counselors Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 314,730 shares of the electronics maker’s stock after purchasing an additional 1,753 shares during the period. Financial Counselors Inc.’s holdings in Corning were worth $12,227,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Bridgefront Capital LLC purchased a new position in shares of Corning in the 4th quarter valued at about $813,000. Natixis Advisors L.P. grew its holdings in Corning by 29.6% during the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after acquiring an additional 30,001 shares in the last quarter. Wahed Invest LLC increased its position in shares of Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares during the last quarter. Belpointe Asset Management LLC increased its position in shares of Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Barclays increased their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Stock Performance

Shares of GLW stock opened at $41.85 on Tuesday. The stock’s 50-day moving average price is $41.35 and its 200 day moving average price is $36.61. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $35.81 billion, a PE ratio of 58.94, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.