Summit Trail Advisors LLC Has $511,000 Stake in Corning Incorporated (NYSE:GLW)

Summit Trail Advisors LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 60.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,160 shares of the electronics maker’s stock after buying an additional 4,948 shares during the period. Summit Trail Advisors LLC’s holdings in Corning were worth $511,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD grew its holdings in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP boosted its stake in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the period. Natixis raised its stake in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after acquiring an additional 1,003,556 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of Corning stock opened at $44.66 on Tuesday. The firm has a 50 day simple moving average of $41.71 and a 200 day simple moving average of $37.66. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market cap of $38.25 billion, a P/E ratio of 62.89, a P/E/G ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Sell-side analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Citigroup upped their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

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.