18,966 Shares in Corning Incorporated (NYSE:GLW) Acquired by Choreo LLC

Choreo LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, Holdings Channel reports. The firm purchased 18,966 shares of the electronics maker’s stock, valued at approximately $733,000.

A number of other large investors also recently bought and sold shares of the stock. Bridgefront Capital LLC purchased a new position in shares of Corning in the 4th quarter worth $813,000. Wahed Invest LLC lifted its stake in shares of Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC grew its holdings in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV increased its position in Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its holdings in Corning by 4.7% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.5 %

NYSE:GLW opened at $42.50 on Friday. Corning Incorporated has a 52 week low of $25.26 and a 52 week 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. The company has a market cap of $36.37 billion, a PE ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The business’s 50 day moving average is $41.84 and its two-hundred day moving average is $37.12.

Corning (NYSE:GLW) last announced 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. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.64%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Finally, Bank of America decreased their price target on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

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.