Parallel Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,563 shares of the electronics maker’s stock after purchasing an additional 1,139 shares during the period. Parallel Advisors LLC’s holdings in Corning were worth $285,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Manchester Financial Inc. purchased a new position in Corning during the 2nd quarter valued at about $29,000. Trustcore Financial Services LLC purchased a new position in Corning during the 1st quarter valued at about $30,000. TRUE Private Wealth Advisors purchased a new position in Corning during the 2nd quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Corning during the 2nd quarter valued at about $33,000. Finally, Thor Advisors LLC purchased a new position in Corning during the 1st quarter valued at about $35,000. Institutional investors own 71.05% of the company’s stock.
A number of research analysts recently issued reports on the company. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and reduced their price target for the company from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research report on Tuesday, August 6th. Deutsche Bank set a $36.00 price objective on Corning and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Barclays began coverage on Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective on the stock. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.73.
Shares of GLW traded down $0.14 during mid-day trading on Friday, reaching $28.18. The company had a trading volume of 50,647 shares, compared to its average volume of 6,789,167. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The firm has a 50-day moving average price of $31.01 and a 200 day moving average price of $32.43. Corning Incorporated has a 52 week low of $26.98 and a 52 week high of $36.56. The company has a market capitalization of $21.79 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 1.38 and a beta of 1.16.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.84%. Corning’s dividend payout ratio (DPR) is presently 44.94%.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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