13,165 Shares in Corning Incorporated (NYSE:GLW) Purchased by Dark Forest Capital Management LP

Dark Forest Capital Management LP acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 13,165 shares of the electronics maker’s stock, valued at approximately $511,000.

A number of other hedge funds also recently added to or reduced their stakes in GLW. Access Investment Management LLC purchased a new stake in shares of Corning during the first quarter worth approximately $28,000. Future Financial Wealth Managment LLC acquired a new position in Corning in the 1st quarter valued at $33,000. Register Financial Advisors LLC acquired a new position in Corning in the 1st quarter valued at $33,000. ESL Trust Services LLC purchased a new position in Corning during the 1st quarter worth $33,000. Finally, Riverview Trust Co acquired a new stake in shares of Corning in the 1st quarter worth $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.9 %

NYSE:GLW opened at $44.87 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. 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 stock has a fifty day simple moving average of $41.68 and a 200-day simple moving average of $37.85. The company has a market capitalization of $38.43 billion, a PE ratio of 63.19, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Argus boosted their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target 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.