Corning Incorporated (NYSE:GLW) Shares Purchased by LPL Financial LLC

LPL Financial LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,085,095 shares of the electronics maker’s stock after purchasing an additional 102,418 shares during the period. LPL Financial LLC’s holdings in Corning were worth $42,156,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GLW. Cape Investment Advisory Inc. lifted its holdings in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. Access Investment Management LLC bought a new stake in Corning in the first quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its stake in Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in Corning in the first quarter valued at $33,000. Finally, Register Financial Advisors LLC bought a new stake in Corning in the first quarter valued at $33,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on GLW. Citigroup raised their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America cut their target price on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Price Performance

Shares of Corning stock opened at $42.50 on Monday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company’s 50-day moving average price is $41.84 and its two-hundred day moving average price is $37.19. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The stock has a market cap of $36.37 billion, a PE ratio of 59.86, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the business earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 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.