Parallel Advisors LLC Raises Position in Corning Incorporated (NYSE:GLW)

Parallel Advisors LLC boosted its position in Corning Incorporated (NYSE:GLW) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,470 shares of the electronics maker’s stock after purchasing an additional 440 shares during the period. Parallel Advisors LLC’s holdings in Corning were worth $834,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of GLW. Grove Bank & Trust raised its stake in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its stake in Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after acquiring an additional 251 shares during the period. Long Run Wealth Advisors LLC lifted its holdings in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares during the last quarter. Legacy Capital Group California Inc. lifted its holdings in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares during the last quarter. Finally, Alaska Permanent Fund Corp boosted its position in Corning by 0.4% during the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.0 %

Shares of GLW stock opened at $42.91 on Tuesday. The business has a 50-day moving average price of $41.84 and a two-hundred day moving average price of $37.26. The firm has a market cap of $36.72 billion, a P/E ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. 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 (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GLW. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.62.

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.