Creative Planning Buys 67,856 Shares of Corning Incorporated (NYSE:GLW)

Creative Planning increased its position in shares of Corning Incorporated (NYSE:GLW) by 37.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 247,305 shares of the electronics maker’s stock after buying an additional 67,856 shares during the period. Creative Planning’s holdings in Corning were worth $9,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Grove Bank & Trust increased its position in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY boosted its holdings in Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares during the period. Long Run Wealth Advisors LLC grew its position in Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares during the last quarter. Finally, Legacy Capital Group California Inc. increased its holdings in shares of Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 1.4 %

Shares of GLW opened at $44.54 on Wednesday. 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 has a market cap of $38.15 billion, a price-to-earnings ratio of 62.73, a PEG ratio of 1.73 and a beta of 1.04. The stock has a fifty day moving average price of $41.71 and a two-hundred day moving average price of $38.18. Corning Incorporated has a 52-week low of $25.26 and a 52-week 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 (EPS) for the quarter, topping the consensus estimate 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 net margin of 3.53% and a return on equity of 12.69%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GLW. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the stock 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 research note on Tuesday, July 9th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

About Corning

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.