Shellback Capital LP Invests $34.48 Million in Corning Incorporated (NYSE:GLW)

Shellback Capital LP purchased a new stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 887,596 shares of the electronics maker’s stock, valued at approximately $34,483,000. Corning makes up approximately 2.5% of Shellback Capital LP’s holdings, making the stock its 8th biggest holding. Shellback Capital LP owned approximately 0.10% of Corning at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in 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 valued at $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 valued at $401,826,000 after acquiring an additional 426,864 shares during the last quarter. FIL Ltd lifted its stake in Corning by 1.5% in 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. lifted its stake 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 worth $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 1.4 %

Shares of NYSE GLW opened at $45.28 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 business’s 50 day moving average is $41.67 and its two-hundred day moving average is $37.80. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The firm has a market cap of $38.79 billion, a price-to-earnings ratio of 63.77, a PEG ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm 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%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. Research analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on GLW. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average 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.