Parallel Advisors LLC Acquires 440 Shares of Corning Incorporated (NYSE:GLW)

Parallel Advisors LLC raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,470 shares of the electronics maker’s stock after purchasing an additional 440 shares during the period. Parallel Advisors LLC’s holdings in Corning were worth $834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Principal Securities Inc. purchased a new stake in Corning in the fourth quarter worth $125,000. Avantax Advisory Services Inc. raised its holdings in 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 purchasing an additional 11,449 shares in the last quarter. Financial Advocates Investment Management lifted its position in shares of Corning by 15.8% in the 4th quarter. Financial Advocates Investment Management now owns 7,841 shares of the electronics maker’s stock worth $239,000 after purchasing an additional 1,071 shares during the period. Level Four Advisory Services LLC boosted its stake in shares of Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares in the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Corning by 1.4% during the fourth quarter. Brown Advisory Inc. now owns 129,056 shares of the electronics maker’s stock valued at $3,930,000 after buying an additional 1,758 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW stock opened at $42.91 on Tuesday. The stock’s 50 day simple moving average is $41.84 and its 200 day simple moving average is $37.26. 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 Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The stock has a market capitalization of $36.72 billion, a PE ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (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 period in the prior year, the company posted $0.45 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.61%. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays boosted their target price 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. Finally, Bank of America decreased their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.