Great Lakes Advisors LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW – Free Report) during the second quarter, Holdings Channel.com reports. The firm purchased 6,094 shares of the electronics maker’s stock, valued at approximately $1,557,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Avaii Wealth Management LLC purchased a new position in Corning in the 2nd quarter worth $12,903,000. Compass Wealth Management LLC acquired a new position in shares of Corning in the second quarter valued at about $10,958,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Corning in the second quarter worth about $95,000. Fig Financial Advisory Services Inc. ADV acquired a new stake in shares of Corning during the second quarter worth about $792,000. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Corning during the second quarter worth about $25,185,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Corning Price Performance
NYSE:GLW opened at $149.91 on Friday. The company has a 50 day moving average price of $174.83 and a 200-day moving average price of $163.35. Corning Incorporated has a 1-year low of $65.09 and a 1-year high of $271.78. The firm has a market cap of $129.13 billion, a price-to-earnings ratio of 68.45, a price-to-earnings-growth ratio of 1.94 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio (DPR) is presently 51.14%.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on GLW. Mizuho cut their price target on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. UBS Group reaffirmed a “buy” rating and issued a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Bank of America boosted their target price on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Finally, Morgan Stanley cut their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $174.08.
Check Out Our Latest Stock Report on GLW
Insider Activity at Corning
In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is owned by company insiders.
Corning Profile
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
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