Corning Incorporated (NYSE:GLW) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in Corning Incorporated (NYSE:GLW) by 16.5% during the second quarter, Holdings Channel.com reports. The fund owned 100,015 shares of the electronics maker’s stock after selling 19,731 shares during the period. Mackenzie Financial Corp’s holdings in Corning were worth $3,886,000 at the end of the most recent reporting period.

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

Corning Stock Down 1.4 %

Shares of NYSE:GLW opened at $44.54 on Wednesday. The stock has a 50-day simple moving average of $41.71 and a 200-day simple moving average of $38.18. The stock 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 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its quarterly earnings data 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. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on GLW. Oppenheimer lifted their price objective on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. 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 raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research note on Monday, June 17th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus 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.