Savoie Capital LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Savoie Capital LLC acquired a new stake in Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,400 shares of the electronics maker’s stock, valued at approximately $210,000.

A number of other large investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted 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. Commerce Bank grew its stake in Corning by 17.7% in the 4th quarter. Commerce Bank now owns 92,890 shares of the electronics maker’s stock worth $2,828,000 after acquiring an additional 13,962 shares during the period. SageView Advisory Group LLC acquired a new position in Corning in the 4th quarter valued at $348,000. Congress Wealth Management LLC DE lifted its stake in shares of Corning by 25.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 8,976 shares of the electronics maker’s stock worth $273,000 after purchasing an additional 1,797 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Corning by 0.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 212,720 shares of the electronics maker’s stock worth $6,477,000 after purchasing an additional 1,764 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.3 %

NYSE GLW opened at $44.66 on Tuesday. 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 fifty-two week low of $25.26 and a fifty-two week high of $46.39. The business has a 50 day moving average price of $41.71 and a two-hundred day moving average price of $37.66. The stock has a market cap of $38.25 billion, a PE ratio of 62.89, a P/E/G ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last announced 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 during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Finally, Argus upped their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Six research 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 currently has a consensus 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.