Wealthspire Advisors LLC Buys 1,187 Shares of Corning Incorporated (NYSE:GLW)

Wealthspire Advisors LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 19.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,432 shares of the electronics maker’s stock after acquiring an additional 1,187 shares during the quarter. Wealthspire Advisors LLC’s holdings in Corning were worth $289,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Grove Bank & Trust grew its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY boosted its stake in shares of 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 purchasing an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC boosted its stake in shares of Corning by 0.8% in the 2nd 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. boosted its stake in shares of Corning by 1.0% in the 2nd 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 stake in shares of Corning by 0.4% in the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after purchasing an additional 329 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $43.30 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $37.09 billion, a P/E ratio of 60.98, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The company’s 50 day moving average price is $41.81 and its two-hundred day moving average price is $37.34. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.59%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. HSBC raised shares of 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. 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 note on Wednesday, July 31st. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Susquehanna lifted their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Finally, Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.