5,332 Shares in Corning Incorporated (NYSE:GLW) Bought by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY bought a new stake in Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,332 shares of the electronics maker’s stock, valued at approximately $207,000.

A number of other hedge funds have also made changes to their positions in GLW. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the last quarter. Access Investment Management LLC purchased a new stake in shares of Corning in the first quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its position in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 1.8 %

Shares of GLW opened at $40.64 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The firm has a market capitalization of $34.78 billion, a P/E ratio of 57.24, a price-to-earnings-growth ratio of 1.60 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock’s fifty day simple moving average is $41.52 and its 200 day simple moving average is $36.83.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 2.76%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Susquehanna boosted their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Wednesday, July 31st. Barclays raised their price target on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Finally, UBS Group boosted their price objective on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

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.