Blair William & Co. IL Acquires 3,207 Shares of Corning Incorporated (NYSE:GLW)

Blair William & Co. IL increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 223,289 shares of the electronics maker’s stock after purchasing an additional 3,207 shares during the quarter. Blair William & Co. IL’s holdings in Corning were worth $8,675,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Access Investment Management LLC bought a new stake in shares of Corning during the 1st quarter valued at $28,000. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% during the fourth 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 period. Future Financial Wealth Managment LLC bought a new stake in Corning in the first quarter valued at about $33,000. Register Financial Advisors LLC acquired a new position in Corning in the first quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new position in Corning during the first quarter worth about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on GLW. JPMorgan Chase & Co. upped their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Trading Up 0.2 %

Shares of NYSE:GLW opened at $44.50 on Friday. The company’s 50-day moving average price is $41.73 and its two-hundred day moving average price is $37.51. 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. The stock has a market capitalization of $38.08 billion, a PE ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio 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.