Anchor Investment Management LLC Reduces Stake in Corning Incorporated (NYSE:GLW)

Anchor Investment Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 2.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 103,763 shares of the electronics maker’s stock after selling 2,305 shares during the period. Anchor Investment Management LLC’s holdings in Corning were worth $4,031,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of GLW. Bridgefront Capital LLC purchased a new stake in Corning in the fourth quarter worth $813,000. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Wahed Invest LLC raised its stake in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 1,028 shares during the period. Belpointe Asset Management LLC lifted its holdings in Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.8 %

NYSE GLW opened at $44.92 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock’s 50-day simple moving average is $41.73 and its two-hundred day simple moving average is $38.23. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market capitalization of $38.48 billion, a price-to-earnings ratio of 63.26, a PEG ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data 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. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS. Research analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. UBS Group lifted their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, Argus raised their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.