Garner Asset Management Corp increased its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 1.5% during the 2nd quarter, Holdings Channel.com reports. The fund owned 51,135 shares of the electronics maker’s stock after purchasing an additional 752 shares during the quarter. Garner Asset Management Corp’s holdings in Corning were worth $1,987,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Cape Investment Advisory Inc. lifted its holdings in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. Access Investment Management LLC purchased a new stake in Corning in the first quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its stake in Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Finally, Register Financial Advisors LLC purchased a new position in shares of Corning during the first quarter worth approximately $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.
Corning Trading Up 0.3 %
Shares of GLW stock opened at $43.43 on Thursday. The stock 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. 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 Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The business has a fifty day simple moving average of $41.77 and a 200-day simple moving average of $37.38.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is 157.75%.
Analysts Set New Price Targets
Several analysts recently commented on the stock. UBS Group upped their price target 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Argus increased 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. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $45.62.
Get Our Latest Stock Analysis on GLW
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.
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