Corning Incorporated (NYSE:GLW) Shares Purchased by Vanguard Personalized Indexing Management LLC

Vanguard Personalized Indexing Management LLC boosted its position in Corning Incorporated (NYSE:GLW) by 19.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,631 shares of the electronics maker’s stock after purchasing an additional 11,958 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Corning were worth $2,859,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV increased its stake in shares of Corning by 0.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 172,668 shares of the electronics maker’s stock valued at $6,708,000 after acquiring an additional 1,371 shares during the last quarter. E Fund Management Co. Ltd. increased its stake in shares of Corning by 38.0% during the 2nd quarter. E Fund Management Co. Ltd. now owns 8,910 shares of the electronics maker’s stock valued at $346,000 after acquiring an additional 2,454 shares during the last quarter. Bradley Foster & Sargent Inc. CT increased its stake in shares of Corning by 1.9% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 25,054 shares of the electronics maker’s stock valued at $973,000 after acquiring an additional 462 shares during the last quarter. L & S Advisors Inc acquired a new position in shares of Corning during the 2nd quarter valued at about $6,392,000. Finally, Virtu Financial LLC acquired a new position in shares of Corning during the 2nd quarter valued at about $5,352,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. increased their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Up 0.2 %

NYSE GLW opened at $44.50 on Friday. The stock has a market cap of $38.08 billion, a PE ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. 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 $41.73 and a two-hundred day moving average price of $37.51. 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 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 firm had revenue of $3.60 billion during 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%. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS. 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 announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 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.