MBB Public Markets I LLC Raises Stake in Corning Incorporated (NYSE:GLW)

MBB Public Markets I LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 806.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,965 shares of the electronics maker’s stock after acquiring an additional 57,800 shares during the period. MBB Public Markets I LLC’s holdings in Corning were worth $2,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Grove Bank & Trust grew its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY grew its stake in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after acquiring an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC increased its holdings in Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 274 shares during the last quarter. Mark Sheptoff Financial Planning LLC lifted its stake in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. boosted its holdings in shares of Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.9 %

Shares of NYSE GLW opened at $44.87 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. 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 company has a market cap of $38.44 billion, a price-to-earnings ratio of 63.20, a PEG ratio of 1.74 and a beta of 1.04. The business’s 50 day moving average price is $41.69 and its 200-day moving average price is $37.93.

Corning (NYSE:GLW) last released its 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 for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. 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 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $47.00.

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.