5,169 Shares in Corning Incorporated (NYSE:GLW) Bought by Summit Financial LLC

Summit Financial LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,169 shares of the electronics maker’s stock, valued at approximately $201,000.

Other hedge funds also recently bought and sold shares of the company. Bridgefront Capital LLC acquired a new position in Corning in the fourth quarter worth approximately $813,000. Natixis Advisors L.P. raised its holdings in shares of Corning by 29.6% during the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares in the last quarter. Wahed Invest LLC raised its holdings in shares of Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC lifted its stake in shares of Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Corning by 75.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Oppenheimer reaffirmed an “outperform” rating and issued a $47.00 price target (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Stock Up 1.4 %

GLW stock opened at $41.24 on Thursday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. 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 cap of $35.33 billion, a PE ratio of 58.08, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The business’s 50-day simple moving average is $41.43 and its 200 day simple moving average is $36.71.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. On average, research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is 157.75%.

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.