Corning Incorporated (NYSE:GLW) Position Reduced by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 15.2% in the second quarter, HoldingsChannel.com reports. The firm owned 5,212 shares of the electronics maker’s stock after selling 935 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Corning were worth $202,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Principal Securities Inc. bought a new position in Corning during the fourth quarter valued at about $125,000. Versor Investments LP acquired a new position in shares of Corning in the 4th quarter worth approximately $442,000. AGF Management Ltd. raised its holdings in shares of Corning by 9.0% in the 4th quarter. AGF Management Ltd. now owns 101,051 shares of the electronics maker’s stock worth $3,077,000 after purchasing an additional 8,356 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 1.5% during 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 during the last quarter. Finally, Forum Financial Management LP boosted its holdings in Corning by 26.4% during the fourth quarter. Forum Financial Management LP now owns 17,571 shares of the electronics maker’s stock worth $535,000 after buying an additional 3,671 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several research reports. UBS Group upped their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, July 31st. Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Trading Up 0.8 %

Shares of NYSE:GLW opened at $40.97 on Tuesday. The firm has a fifty day moving average of $41.57 and a two-hundred day moving average of $36.92. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a market capitalization of $35.06 billion, a P/E ratio of 57.70, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 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 firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.91 EPS 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. This represents a $1.12 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

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.