Minneapolis Portfolio Management Group LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 8.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,723,378 shares of the electronics maker’s stock after buying an additional 138,361 shares during the period. Corning accounts for approximately 6.8% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its largest holding. Minneapolis Portfolio Management Group LLC owned approximately 0.22% of Corning worth $57,268,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Manchester Financial Inc. purchased a new position in shares of Corning in the 2nd quarter valued at $29,000. Trustcore Financial Services LLC purchased a new position in shares of Corning in the 1st quarter valued at $30,000. TRUE Private Wealth Advisors purchased a new position in shares of Corning in the 2nd quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Corning in the 2nd quarter valued at $33,000. Finally, Thor Advisors LLC purchased a new position in shares of Corning in the 1st quarter valued at $35,000. 71.56% of the stock is currently owned by institutional investors and hedge funds.
GLW has been the subject of a number of recent analyst reports. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $30.00 price target (down from $40.00) on shares of Corning in a report on Thursday, August 1st. Barclays initiated coverage on shares of Corning in a report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price target for the company. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a report on Tuesday, August 6th. Deutsche Bank set a $36.00 price target on shares of Corning and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and lowered their price target for the company from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $34.73.
GLW traded up $0.59 during trading hours on Friday, reaching $27.72. 197,760 shares of the stock traded hands, compared to its average volume of 6,741,531. The firm’s fifty day simple moving average is $31.80 and its two-hundred day simple moving average is $32.60. The company has a market cap of $22.04 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.42 and a beta of 1.16. Corning Incorporated has a fifty-two week low of $26.98 and a fifty-two week high of $36.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $0.38 EPS. On average, research analysts predict that Corning Incorporated will post 1.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.89%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 44.94%.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by company insiders.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
Recommended Story: Compound Interest and Why It Matters When Investing
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.