Holderness Investments Co. Acquires 362 Shares of Corning Incorporated (NYSE:GLW)

Holderness Investments Co. increased its holdings in Corning Incorporated (NYSE:GLW) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,400 shares of the electronics maker’s stock after purchasing an additional 362 shares during the period. Holderness Investments Co.’s holdings in Corning were worth $1,492,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Profund Advisors LLC boosted its stake in shares of Corning by 7.1% during the 2nd quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock worth $606,000 after acquiring an additional 1,036 shares in the last quarter. Hancock Whitney Corp acquired a new stake in Corning in the 2nd quarter worth approximately $211,000. Summit Trail Advisors LLC lifted its holdings in Corning by 60.3% in the 2nd quarter. Summit Trail Advisors LLC now owns 13,160 shares of the electronics maker’s stock worth $511,000 after purchasing an additional 4,948 shares during the last quarter. Pacer Advisors Inc. boosted its position in Corning by 24.2% during the second quarter. Pacer Advisors Inc. now owns 71,772 shares of the electronics maker’s stock worth $2,788,000 after purchasing an additional 14,004 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in Corning by 6.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock valued at $1,633,000 after purchasing an additional 2,667 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Up 0.2 %

GLW opened at $44.50 on Friday. The company has a market capitalization of $38.08 billion, a P/E ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm’s fifty day moving average price is $41.73 and its two-hundred day moving average price is $37.54. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39.

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

Corning Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on GLW. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Company 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.