Newbridge Financial Services Group Inc. Acquires 6,505 Shares of Corning Incorporated (NYSE:GLW)

Newbridge Financial Services Group Inc. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 3,252.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,705 shares of the electronics maker’s stock after buying an additional 6,505 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Corning were worth $260,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Access Investment Management LLC bought a new stake in shares of Corning in the 1st quarter worth about $28,000. Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the first quarter valued at approximately $33,000. Register Financial Advisors LLC purchased a new position in shares of Corning during the first quarter valued at approximately $33,000. ESL Trust Services LLC bought a new position in shares of Corning during the first quarter valued at approximately $33,000. Finally, Riverview Trust Co purchased a new stake in shares of Corning in the first quarter worth approximately $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised shares of 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. Finally, Barclays boosted their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Up 0.8 %

GLW stock opened at $44.92 on Thursday. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The firm has a market cap of $38.48 billion, a PE ratio of 63.26, a PEG ratio of 1.73 and a beta of 1.04. The firm’s 50 day moving average price is $41.73 and its 200-day moving average price is $38.23. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share 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 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 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

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.