Wallace Advisory Group LLC Raises Stock Holdings in Corning Incorporated (NYSE:GLW)

Wallace Advisory Group LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 37.6% during the second quarter, Holdings Channel reports. The institutional investor owned 13,472 shares of the electronics maker’s stock after buying an additional 3,684 shares during the period. Wallace Advisory Group LLC’s holdings in Corning were worth $523,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GLW shares. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Citigroup boosted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Price Performance

Corning stock opened at $44.87 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The firm’s fifty day moving average is $41.69 and its 200 day moving average is $38.00. The company has a market cap of $38.40 billion, a price-to-earnings ratio of 63.20, a PEG ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) 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 company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

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.