AQR Capital Management LLC Sells 16,179 Shares of Corning Incorporated (NYSE:GLW)

AQR Capital Management LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 40.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,948 shares of the electronics maker’s stock after selling 16,179 shares during the quarter. AQR Capital Management LLC’s holdings in Corning were worth $928,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. AXA S.A. increased its stake in shares of Corning by 26.6% in the second quarter. AXA S.A. now owns 686,135 shares of the electronics maker’s stock worth $26,656,000 after buying an additional 143,954 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Corning by 60.5% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 155,282 shares of the electronics maker’s stock valued at $6,033,000 after acquiring an additional 58,513 shares during the period. Savoie Capital LLC purchased a new position in shares of Corning in the second quarter valued at about $210,000. Evergreen Capital Management LLC raised its stake in shares of Corning by 3.8% during the second quarter. Evergreen Capital Management LLC now owns 11,829 shares of the electronics maker’s stock valued at $460,000 after acquiring an additional 428 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Corning by 111.5% during the second quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after purchasing an additional 12,875 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Argus boosted their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Price Performance

Shares of NYSE GLW opened at $46.46 on Friday. The company has a 50 day simple moving average of $42.34 and a two-hundred day simple moving average of $38.85. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45. The company has a market capitalization of $39.80 billion, a price-to-earnings ratio of 65.44, a P/E/G ratio of 1.72 and a beta of 1.04. 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 posted 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. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

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.