Corning Incorporated (NYSE:GLW) Shares Bought by Verity & Verity LLC

Verity & Verity LLC lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 613,724 shares of the electronics maker’s stock after purchasing an additional 2,444 shares during the period. Corning comprises 2.7% of Verity & Verity LLC’s holdings, making the stock its 8th biggest holding. Verity & Verity LLC’s holdings in Corning were worth $23,843,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Access Investment Management LLC purchased a new stake in shares of Corning in the first quarter worth approximately $28,000. Future Financial Wealth Managment LLC purchased a new stake in Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired 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 acquired a new position in shares of Corning in the first quarter worth $35,000. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 1.4 %

Shares of GLW opened at $44.54 on Wednesday. The business’s 50 day simple moving average is $41.71 and its 200-day simple moving average is $38.18. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market capitalization of $38.15 billion, a P/E ratio of 62.73, a PEG ratio of 1.73 and a beta of 1.04. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last issued its quarterly earnings results 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. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business posted $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GLW shares. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. UBS Group lifted their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Finally, Barclays increased their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target 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.