WINTON GROUP Ltd Acquires Shares of 5,228 Corning Incorporated (NYSE:GLW)

WINTON GROUP Ltd bought a new position in Corning Incorporated (NYSE:GLW) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 5,228 shares of the electronics maker’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Oppenheimer Asset Management Inc. increased its stake in shares of Corning by 20.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 615,393 shares of the electronics maker’s stock worth $23,908,000 after acquiring an additional 104,846 shares during the last quarter. Wealthspire Advisors LLC increased its stake in shares of Corning by 19.0% in the 2nd quarter. Wealthspire Advisors LLC now owns 7,432 shares of the electronics maker’s stock worth $289,000 after acquiring an additional 1,187 shares during the last quarter. Thoroughbred Financial Services LLC increased its stake in shares of Corning by 109.5% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 28,080 shares of the electronics maker’s stock worth $1,090,000 after acquiring an additional 14,678 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Corning by 2.1% in the 2nd quarter. Parallel Advisors LLC now owns 21,470 shares of the electronics maker’s stock worth $834,000 after acquiring an additional 440 shares during the last quarter. Finally, Westover Capital Advisors LLC acquired a new stake in shares of Corning in the 2nd quarter worth $233,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $43.43 on Thursday. The stock has a 50-day simple moving average of $41.77 and a 200-day simple moving average of $37.38. 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 stock has a market capitalization of $37.16 billion, a PE ratio of 61.17, a PEG ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

Analysts Set New Price Targets

A number of analysts have issued reports on GLW shares. Susquehanna raised their target price on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Citigroup raised their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Argus raised their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.