AQR Capital Management LLC Decreases Position in Corning Incorporated (NYSE:GLW)

AQR Capital Management LLC decreased its position in Corning Incorporated (NYSE:GLW) by 40.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,948 shares of the electronics maker’s stock after selling 16,179 shares during the period. AQR Capital Management LLC’s holdings in Corning were worth $928,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Access Investment Management LLC purchased a new position in shares of Corning during the 1st quarter valued at $28,000. Future Financial Wealth Managment LLC purchased a new stake in Corning during the first quarter valued at about $33,000. Register Financial Advisors LLC purchased a new stake in Corning during the first quarter valued at about $33,000. ESL Trust Services LLC bought a new position in Corning during the first quarter worth about $33,000. Finally, Accordant Advisory Group Inc purchased a new position in shares of Corning in the second quarter worth about $39,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several analyst reports. Oppenheimer raised their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Price Performance

Shares of NYSE:GLW opened at $46.46 on Friday. Corning Incorporated has a one year low of $25.26 and a one year high of $47.45. 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 has a market capitalization of $39.80 billion, a price-to-earnings ratio of 65.44, a PEG ratio of 1.72 and a beta of 1.04. The company’s fifty day moving average price is $42.34 and its 200-day moving average price is $38.85.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s payout ratio is 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.