L & S Advisors Inc Acquires New Position in Corning Incorporated (NYSE:GLW)

L & S Advisors Inc bought a new position in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 164,518 shares of the electronics maker’s stock, valued at approximately $6,392,000.

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Corning in the 4th quarter worth approximately $247,721,000. Price T Rowe Associates Inc. MD boosted its position in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP grew its stake in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Finally, Natixis lifted its stake in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

GLW opened at $42.91 on Tuesday. The business has a fifty day moving average of $41.84 and a 200 day moving average of $37.26. The stock has a market cap of $36.72 billion, a P/E ratio of 60.44, a PEG ratio of 1.62 and a beta of 1.04. 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 Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. JPMorgan Chase & Co. lifted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. UBS Group boosted their price target 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. Barclays increased their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Citigroup boosted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

Corning 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.