Prudential PLC Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Prudential PLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 85.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,274 shares of the electronics maker’s stock after buying an additional 7,515 shares during the period. Prudential PLC’s holdings in Corning were worth $632,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Ballentine Partners LLC grew its stake in Corning by 2.0% in the 2nd quarter. Ballentine Partners LLC now owns 25,205 shares of the electronics maker’s stock valued at $979,000 after buying an additional 490 shares in the last quarter. Caprock Group LLC grew its stake in Corning by 14.3% in the 2nd quarter. Caprock Group LLC now owns 27,246 shares of the electronics maker’s stock valued at $1,059,000 after buying an additional 3,416 shares in the last quarter. Acadian Asset Management LLC grew its stake in Corning by 384.5% in the 2nd quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after buying an additional 13,316 shares in the last quarter. Otter Creek Advisors LLC purchased a new position in Corning in the 2nd quarter valued at approximately $4,998,000. Finally, Cobblestone Capital Advisors LLC NY purchased a new position in Corning in the 2nd quarter valued at approximately $207,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays raised their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 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. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Performance

NYSE GLW opened at $41.87 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $35.86 billion, a P/E ratio of 58.96, a P/E/G ratio of 1.57 and a beta of 1.04. The company has a fifty day moving average of $41.76 and a 200-day moving average of $37.05.

Corning (NYSE:GLW) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. As a group, equities research analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is presently 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.