Elo Mutual Pension Insurance Co Grows Stake in Corning Incorporated (NYSE:GLW)

Elo Mutual Pension Insurance Co raised its holdings in Corning Incorporated (NYSE:GLW) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,431 shares of the electronics maker’s stock after buying an additional 373 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Corning were worth $2,892,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Cape Investment Advisory Inc. increased its position in Corning by 800.0% during the 4th 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. Access Investment Management LLC bought a new stake in shares of Corning during the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC increased its position in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the period. Future Financial Wealth Managment LLC bought a new position in Corning in the first quarter worth about $33,000. Finally, Register Financial Advisors LLC purchased a new stake in Corning in the first quarter worth about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Susquehanna raised their price objective on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised shares of 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. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

Corning Price Performance

Shares of Corning stock opened at $44.43 on Friday. The stock has a market cap of $38.02 billion, a P/E ratio of 62.58, 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 quick ratio of 0.98 and a current ratio of 1.57. The stock’s fifty day moving average is $41.76 and its 200 day moving average is $37.43. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings data 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. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Sell-side analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.52%. Corning’s dividend payout ratio (DPR) is presently 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.