Wakefield Asset Management LLLP Takes $519,000 Position in Corning Incorporated (NYSE:GLW)

Wakefield Asset Management LLLP bought a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 13,353 shares of the electronics maker’s stock, valued at approximately $519,000.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GLW. Bank of America decreased their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. Finally, Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Six 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.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Performance

Corning stock opened at $40.64 on Friday. The company has a market cap of $34.78 billion, a PE ratio of 57.24, a P/E/G ratio of 1.60 and a beta of 1.04. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a fifty day moving average price of $41.52 and a two-hundred day moving average price of $36.83. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating 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 the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

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.