Corning Incorporated (NYSE:GLW) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its stake in Corning Incorporated (NYSE:GLW) by 16.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,015 shares of the electronics maker’s stock after selling 19,731 shares during the period. Mackenzie Financial Corp’s holdings in Corning were worth $3,886,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GLW. Millennium Management LLC lifted its position in Corning by 117.1% in the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock valued at $35,985,000 after acquiring an additional 499,595 shares during the last quarter. MBB Public Markets I LLC lifted its holdings in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Corning in the 2nd quarter valued at about $511,000. APG Asset Management N.V. grew its stake in Corning by 19.8% during the 2nd quarter. APG Asset Management N.V. now owns 1,486,483 shares of the electronics maker’s stock worth $53,884,000 after buying an additional 245,830 shares during the last quarter. Finally, AXA S.A. increased its position in Corning by 26.6% during the second quarter. AXA S.A. now owns 686,135 shares of the electronics maker’s stock worth $26,656,000 after buying an additional 143,954 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. UBS Group lifted their price objective on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Barclays increased their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Finally, Argus upped their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Trading Down 1.4 %

Shares of GLW stock opened at $44.54 on Wednesday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. 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 business’s fifty day moving average price is $41.71 and its 200 day moving average price is $38.18. The firm has a market capitalization of $38.15 billion, a PE ratio of 62.73, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings results 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. 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 revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning 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.