GHP Investment Advisors Inc. Boosts Stock Position in Corning Incorporated (NYSE:GLW)

by · The Markets Daily

GHP Investment Advisors Inc. raised its stake in Corning Incorporated (NYSE:GLW – Free Report) by 0.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 246,035 shares of the electronics maker’s stock after purchasing an additional 1,271 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Corning were worth $11,109,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake 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 valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after acquiring an additional 42,832 shares during the period. Natixis lifted its position in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Raymond James & Associates boosted its holdings in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 1.2 %

NYSE:GLW traded down $0.56 on Friday, reaching $46.25. The stock had a trading volume of 3,955,119 shares, compared to its average volume of 5,691,504. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72. The company has a market cap of $39.62 billion, a price-to-earnings ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. The firm’s fifty day moving average is $43.86 and its two-hundred day moving average is $39.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings data 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 business 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 quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.42%. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent analyst reports. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Barclays increased their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

Get Our Latest Report on Corning

Corning Company Profile

(Free Report)

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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