Wealth Alliance Lowers Holdings in Corning Incorporated (NYSE:GLW)

Wealth Alliance lessened its stake in Corning Incorporated (NYSE:GLW) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,737 shares of the electronics maker’s stock after selling 353 shares during the quarter. Wealth Alliance’s holdings in Corning were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the period. Wellington Management Group LLP lifted its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares in the last quarter. Natixis grew its position in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 2.3 %

Shares of NYSE:GLW opened at $44.43 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week 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. The business has a fifty day moving average of $41.76 and a two-hundred day moving average of $37.43. The stock has a market cap of $38.02 billion, a P/E ratio of 62.58, a PEG ratio of 1.66 and a beta of 1.04.

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. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced 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 of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. Corning’s payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer restated an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Finally, Susquehanna lifted their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus 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.