Bank of New York Mellon Corp Boosts Position in Corning Incorporated (NYSE:GLW)

Bank of New York Mellon Corp raised its position in Corning Incorporated (NYSE:GLW) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 7,132,789 shares of the electronics maker’s stock after acquiring an additional 10,846 shares during the period. Bank of New York Mellon Corp’s holdings in Corning were worth $277,109,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Cape Investment Advisory Inc. boosted its holdings in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the last quarter. Access Investment Management LLC bought a new position in Corning in the first quarter worth approximately $28,000. EverSource Wealth Advisors LLC boosted its stake in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 1st quarter valued at $33,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter worth $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on GLW shares. JPMorgan Chase & Co. lifted their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. UBS Group lifted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Argus upped their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is owned by company insiders.

Corning Trading Up 0.7 %

Shares of Corning stock opened at $42.22 on Tuesday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. 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 business has a 50-day moving average price of $41.15 and a 200-day moving average price of $36.25. The firm has a market cap of $36.17 billion, a price-to-earnings ratio of 59.46, a PEG ratio of 1.60 and a beta of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during 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%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, August 30th. 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.