LPL Financial LLC Grows Position in Corning Incorporated (NYSE:GLW)

LPL Financial LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 10.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,085,095 shares of the electronics maker’s stock after buying an additional 102,418 shares during the period. LPL Financial LLC owned 0.13% of Corning worth $42,156,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Access Investment Management LLC purchased a new stake in shares of Corning in the first quarter valued at $28,000. Cape Investment Advisory Inc. grew its position in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the first quarter valued at $33,000. Register Financial Advisors LLC purchased a new stake in shares of Corning in the first quarter valued at $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Corning in the first quarter valued at $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.5 %

NYSE:GLW opened at $42.50 on Monday. 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 Incorporated has a one year low of $25.26 and a one year high of $46.39. The business’s 50-day simple moving average is $41.84 and its 200 day simple moving average is $37.19. The stock has a market cap of $36.37 billion, a price-to-earnings ratio of 59.86, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04.

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, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.64%. Corning’s payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America lowered their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. 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 report on Wednesday, July 31st. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. lifted 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 analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.