Royal London Asset Management Ltd. Grows Stake in Corning Incorporated (NYSE:GLW)

Royal London Asset Management Ltd. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 264,007 shares of the electronics maker’s stock after purchasing an additional 2,032 shares during the period. Royal London Asset Management Ltd.’s holdings in Corning were worth $10,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GLW. Principal Securities Inc. bought a new stake in Corning in the fourth quarter worth $125,000. Avantax Advisory Services Inc. lifted its holdings in shares of Corning by 63.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 29,442 shares of the electronics maker’s stock worth $897,000 after acquiring an additional 11,449 shares during the last quarter. Westpac Banking Corp boosted its stake in shares of Corning by 22.0% during the 4th quarter. Westpac Banking Corp now owns 5,652 shares of the electronics maker’s stock worth $172,000 after purchasing an additional 1,021 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Corning by 8.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 805,178 shares of the electronics maker’s stock valued at $24,260,000 after purchasing an additional 59,477 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in Corning by 24.2% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 55,834 shares of the electronics maker’s stock worth $1,700,000 after purchasing an additional 10,863 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 0.0 %

Shares of NYSE GLW opened at $41.87 on Friday. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The stock’s fifty day simple moving average is $41.76 and its two-hundred day simple moving average is $37.05. The stock has a market capitalization of $35.86 billion, a PE ratio of 58.96, a price-to-earnings-growth ratio of 1.57 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.

Corning (NYSE:GLW) last issued 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 return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus increased their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. 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 research note on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Susquehanna lifted their price objective on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock 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.