XTX Topco Ltd Buys Shares of 42,047 Corning Incorporated (NYSE:GLW)

XTX Topco Ltd acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 42,047 shares of the electronics maker’s stock, valued at approximately $1,634,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. raised its stake in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares in the last quarter. Access Investment Management LLC bought a new stake in Corning in the first quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Corning during the 1st quarter valued at $33,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Corning in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 2.3 %

GLW opened at $44.43 on Friday. The stock has a fifty day moving average of $41.76 and a 200-day moving average of $37.43. The company has a market capitalization of $38.02 billion, a P/E ratio of 62.58, a P/E/G ratio of 1.66 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date 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 157.75%.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to 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.