LGT Group Foundation Has $9.97 Million Stock Position in Corning Incorporated (NYSE:GLW)

LGT Group Foundation raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 256,518 shares of the electronics maker’s stock after purchasing an additional 14,140 shares during the period. LGT Group Foundation’s holdings in Corning were worth $9,966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in GLW. Access Investment Management LLC bought a new stake in shares of Corning in the 1st quarter valued at about $28,000. Cape Investment Advisory Inc. increased its stake 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 acquiring an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Barclays increased their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Bank of America lowered their target price on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, Argus raised their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Corning Stock Performance

GLW stock traded up $0.34 during midday trading on Monday, reaching $40.98. 341,261 shares of the company were exchanged, compared to its average volume of 5,962,082. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The business has a 50-day moving average price of $41.52 and a two-hundred day moving average price of $36.86. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The firm has a market capitalization of $35.07 billion, a price-to-earnings ratio of 57.24, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 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.