Corning Incorporated (NYSE:GLW) Shares Bought by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. grew its stake in Corning Incorporated (NYSE:GLW) by 17.3% during the 2nd quarter, Holdings Channel reports. The firm owned 9,287 shares of the electronics maker’s stock after purchasing an additional 1,370 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Corning were worth $361,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Access Investment Management LLC purchased a new stake in shares of Corning during the first quarter worth approximately $28,000. Cape Investment Advisory Inc. grew its holdings in shares of 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 in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at about $33,000. Register Financial Advisors LLC purchased a new position in shares of Corning in the first quarter worth about $33,000. Finally, ESL Trust Services LLC acquired a new position in Corning during the first quarter worth about $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on GLW shares. Susquehanna increased their price objective on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group lifted their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Performance

Shares of GLW stock opened at $43.43 on Thursday. Corning Incorporated has a one year low of $25.26 and a one year 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 firm’s 50 day moving average price is $41.77 and its 200-day moving average price is $37.38. The firm has a market cap of $37.16 billion, a P/E ratio of 61.17, a P/E/G ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

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.