AGF Management Ltd. Has $2.53 Million Holdings in Corning Incorporated (NYSE:GLW)

AGF Management Ltd. decreased its position in Corning Incorporated (NYSE:GLW) by 7.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,215 shares of the electronics maker’s stock after selling 5,171 shares during the period. AGF Management Ltd.’s holdings in Corning were worth $2,534,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Corning during the 4th quarter worth approximately $247,721,000. Price T Rowe Associates Inc. MD boosted its stake in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP grew its holdings in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. increased its stake in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Finally, Natixis raised its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.5 %

Corning stock opened at $42.50 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $36.37 billion, a P/E ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The firm has a 50 day moving average price of $41.84 and a 200-day moving average price of $37.12. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.64%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

A number of brokerages recently commented on GLW. Citigroup boosted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Susquehanna lifted their price target on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Oppenheimer restated an “outperform” rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Finally, Bank of America reduced their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Company 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.