Caprock Group LLC Has $1.06 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Caprock Group LLC raised its position in Corning Incorporated (NYSE:GLW) by 14.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 27,246 shares of the electronics maker’s stock after buying an additional 3,416 shares during the period. Caprock Group LLC’s holdings in Corning were worth $1,059,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cape Investment Advisory Inc. boosted its holdings in Corning by 800.0% in the fourth 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 bought a new position in shares of Corning in the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC boosted its stake in shares of Corning by 347.3% in the 4th 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 acquired a new stake in shares of Corning during the 1st quarter worth approximately $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning during the first quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $41.16 on Wednesday. The stock has a market capitalization of $35.22 billion, a price-to-earnings ratio of 57.97, a PEG ratio of 1.57 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 firm has a fifty day simple moving average of $41.62 and a 200 day simple moving average of $36.98. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 EPS. Research analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Wednesday, July 31st. Bank of America decreased their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average 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.