Marathon Capital Management Has $9.11 Million Position in Corning Incorporated (NYSE:GLW)

Marathon Capital Management cut its stake in Corning Incorporated (NYSE:GLW) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 234,355 shares of the electronics maker’s stock after selling 3,924 shares during the period. Corning accounts for about 2.3% of Marathon Capital Management’s investment portfolio, making the stock its 7th biggest position. Marathon Capital Management’s holdings in Corning were worth $9,105,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position 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 buying an additional 4,464,893 shares during the period. Wellington Management Group LLP grew its position in shares of Corning by 9.0% during the 4th 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 during the period. Goldman Sachs Group Inc. grew its position in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the period. Natixis grew its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after purchasing an additional 1,003,556 shares during the period. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group boosted their price objective on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Barclays upped their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Oppenheimer upped their price target on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Trading Up 1.4 %

GLW stock opened at $45.28 on Friday. 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 company’s 50-day simple moving average is $41.67 and its 200 day simple moving average is $37.80. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market capitalization of $38.79 billion, a PE ratio of 63.77, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the company posted $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

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.