Corning Incorporated (NYSE:GLW) Stake Lifted by TCW Group Inc.

TCW Group Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 6.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 11,123 shares of the electronics maker’s stock after buying an additional 712 shares during the quarter. TCW Group Inc.’s holdings in Corning were worth $432,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after acquiring an additional 146,807 shares in the last quarter. Norges Bank acquired a new position in Corning during the 4th quarter worth $247,721,000. Finally, FIL Ltd grew its stake in shares of Corning by 1.5% in the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after purchasing an additional 105,994 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 0.1 %

Shares of Corning stock traded down $0.06 during trading on Friday, hitting $40.20. The stock had a trading volume of 4,741,778 shares, compared to its average volume of 6,182,246. 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 capitalization of $34.44 billion, a PE ratio of 56.62, a P/E/G ratio of 1.53 and a beta of 1.05. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The stock has a 50 day simple moving average of $40.70 and a 200 day simple moving average of $35.83.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. On average, research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed 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 2.79%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GLW shares. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Bank of America reduced their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” 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 report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $45.23.

Corning Company 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.