Corning Incorporated (NYSE:GLW) Shares Bought by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. raised its stake in Corning Incorporated (NYSE:GLW) by 38.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,910 shares of the electronics maker’s stock after acquiring an additional 2,454 shares during the period. E Fund Management Co. Ltd.’s holdings in Corning were worth $346,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Advocates Investment Management boosted its position in shares of Corning by 15.8% during the fourth quarter. Financial Advocates Investment Management now owns 7,841 shares of the electronics maker’s stock worth $239,000 after buying an additional 1,071 shares during the period. Level Four Advisory Services LLC boosted its position in shares of Corning by 3.8% during the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after buying an additional 343 shares during the period. Brown Advisory Inc. boosted its position in shares of Corning by 1.4% during the fourth quarter. Brown Advisory Inc. now owns 129,056 shares of the electronics maker’s stock worth $3,930,000 after buying an additional 1,758 shares during the period. Norges Bank acquired a new position in shares of Corning during the fourth quarter worth approximately $247,721,000. Finally, CreativeOne Wealth LLC boosted its position in shares of Corning by 20.7% during the fourth quarter. CreativeOne Wealth LLC now owns 10,667 shares of the electronics maker’s stock worth $325,000 after buying an additional 1,829 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLW. Oppenheimer restated an “outperform” rating and issued a $47.00 target price (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Up 0.3 %

GLW stock opened at $43.43 on Thursday. The company has a 50 day moving average of $41.77 and a two-hundred day moving average of $37.38. The company has a market cap of $37.16 billion, a price-to-earnings ratio of 61.17, a PEG ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. 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 (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) 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 firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.58%. Corning’s payout ratio is 157.75%.

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.