Corning Incorporated (NYSE:GLW) Shares Acquired by Garner Asset Management Corp

Garner Asset Management Corp increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,135 shares of the electronics maker’s stock after acquiring an additional 752 shares during the quarter. Garner Asset Management Corp’s holdings in Corning were worth $1,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Bridgefront Capital LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $813,000. Wahed Invest LLC raised its position in Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares during the period. Belpointe Asset Management LLC grew its holdings in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co raised its holdings in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Bank of America decreased their price target on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna increased their target price on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Finally, UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Up 0.3 %

Shares of Corning stock opened at $43.43 on Thursday. 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. The company has a market capitalization of $37.16 billion, a P/E ratio of 61.17, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a 50 day moving average of $41.77 and a 200 day moving average of $37.38.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.91 EPS 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 2.58%. Corning’s payout ratio is currently 157.75%.

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.