Wealthspire Advisors LLC Has $289,000 Holdings in Corning Incorporated (NYSE:GLW)

Wealthspire Advisors LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 19.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,432 shares of the electronics maker’s stock after purchasing an additional 1,187 shares during the period. Wealthspire Advisors LLC’s holdings in Corning were worth $289,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cape Investment Advisory Inc. increased its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the last quarter. Access Investment Management LLC acquired a new position in Corning during the first quarter worth $28,000. EverSource Wealth Advisors LLC increased its holdings in Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in Corning during the first quarter worth $33,000. Finally, Register Financial Advisors LLC acquired a new position in Corning during the first quarter worth $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 0.9 %

GLW stock opened at $43.30 on Wednesday. The company has a market cap of $37.09 billion, a PE ratio of 60.98, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The business has a 50-day simple moving average of $41.81 and a 200 day simple moving average of $37.34. 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.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 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 return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Sell-side analysts anticipate 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. Shareholders 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 yield of 2.59%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is 157.75%.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. UBS Group lifted 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 raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, Bank of America reduced their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

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.