The Manufacturers Life Insurance Company Cuts Holdings in Corning Incorporated (NYSE:GLW)

The Manufacturers Life Insurance Company reduced its position in shares of Corning Incorporated (NYSE:GLW) by 23.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 494,920 shares of the electronics maker’s stock after selling 147,484 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Corning were worth $19,228,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Millennium Management LLC grew its holdings in Corning by 117.1% in the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock valued at $35,985,000 after purchasing an additional 499,595 shares during the period. MBB Public Markets I LLC grew its stake in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the period. Dark Forest Capital Management LP purchased a new stake in Corning in the 2nd quarter worth $511,000. APG Asset Management N.V. raised its position in Corning by 19.8% during the second quarter. APG Asset Management N.V. now owns 1,486,483 shares of the electronics maker’s stock worth $53,884,000 after acquiring an additional 245,830 shares during the period. Finally, AXA S.A. lifted its holdings in Corning by 26.6% during the second quarter. AXA S.A. now owns 686,135 shares of the electronics maker’s stock valued at $26,656,000 after purchasing an additional 143,954 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $44.54 on Wednesday. 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 company has a market capitalization of $38.15 billion, a PE ratio of 62.73, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The firm’s 50-day moving average is $41.71 and its two-hundred day moving average is $38.18. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for 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 quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GLW. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, July 31st. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Argus lifted their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, 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. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

About Corning

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.