Savoie Capital LLC Purchases New Stake in Corning Incorporated (NYSE:GLW)

Savoie Capital LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 5,400 shares of the electronics maker’s stock, valued at approximately $210,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Grove Bank & Trust lifted its stake in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY boosted its holdings in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after buying an additional 251 shares during the period. Long Run Wealth Advisors LLC grew its position in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after buying an additional 274 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in Corning by 21.2% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after acquiring an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. lifted its holdings in Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after acquiring an additional 278 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.3 %

Shares of GLW stock opened at $44.66 on Tuesday. The stock has a 50-day simple moving average of $41.71 and a 200 day simple moving average of $37.66. The stock has a market capitalization of $38.25 billion, a P/E ratio of 62.89, a P/E/G ratio of 1.66 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week 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.

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 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 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 firm posted $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.51%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. HSBC raised 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. JPMorgan Chase & Co. boosted their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Argus increased their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $47.00.

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.