Corning Incorporated (NYSE:GLW) Stock Position Raised by Evergreen Capital Management LLC

Evergreen Capital Management LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the second quarter, Holdings Channel reports. The firm owned 11,829 shares of the electronics maker’s stock after purchasing an additional 428 shares during the quarter. Evergreen Capital Management LLC’s holdings in Corning were worth $460,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its stake in Corning by 9.0% in the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the period. FIL Ltd grew its position in Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after purchasing an additional 105,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Corning by 41.7% during 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 purchasing an additional 1,828,097 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 1.4 %

Corning stock opened at $44.67 on Thursday. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The company’s fifty day moving average price is $41.69 and its two-hundred day moving average price is $37.75. The company has a market capitalization of $38.22 billion, a price-to-earnings ratio of 62.92, a PEG ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 EPS. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

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.