Massachusetts Financial Services Co. MA Has $179.79 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Massachusetts Financial Services Co. MA lowered its position in shares of Corning Incorporated (NYSE:GLW) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,627,889 shares of the electronics maker’s stock after selling 133,843 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.54% of Corning worth $179,793,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GLW. Brown Brothers Harriman & Co. grew its holdings in shares of Corning by 17.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock valued at $361,000 after buying an additional 1,370 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Corning in the second quarter worth about $203,000. Oppenheimer Asset Management Inc. raised its position in shares of Corning by 20.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 615,393 shares of the electronics maker’s stock worth $23,908,000 after purchasing an additional 104,846 shares during the period. Wealthspire Advisors LLC lifted its holdings in shares of Corning by 19.0% during the 2nd quarter. Wealthspire Advisors LLC now owns 7,432 shares of the electronics maker’s stock valued at $289,000 after purchasing an additional 1,187 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in shares of Corning by 109.5% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 28,080 shares of the electronics maker’s stock valued at $1,090,000 after purchasing an additional 14,678 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $43.30 on Wednesday. The stock has a market cap of $37.09 billion, a P/E ratio of 60.98, a P/E/G ratio of 1.62 and a beta of 1.04. The company has a fifty day moving average price of $41.81 and a two-hundred day moving average price of $37.34. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) 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 the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.59%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Bank of America reduced their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $45.62.

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.