TCW Group Inc. Increases Position in Corning Incorporated (NYSE:GLW)

TCW Group Inc. increased its holdings in Corning Incorporated (NYSE:GLW) by 6.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,123 shares of the electronics maker’s stock after purchasing an additional 712 shares during the quarter. TCW Group Inc.’s holdings in Corning were worth $432,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of Corning during the fourth quarter worth about $4,275,000. Louisiana State Employees Retirement System acquired a new position in shares of Corning during the fourth quarter valued at approximately $1,413,000. Mackenzie Financial Corp lifted its position in shares of Corning by 54.0% in the fourth quarter. Mackenzie Financial Corp now owns 153,440 shares of the electronics maker’s stock valued at $4,672,000 after acquiring an additional 53,830 shares in the last quarter. SVB Wealth LLC lifted its position in shares of Corning by 10.0% in the fourth quarter. SVB Wealth LLC now owns 9,790 shares of the electronics maker’s stock valued at $298,000 after acquiring an additional 889 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Corning by 3.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,081 shares of the electronics maker’s stock worth $4,205,000 after acquiring an additional 4,342 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GLW shares. Bank of America dropped their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Barclays upped their price objective 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. Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price target (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.23.

Insider Buying and Selling at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is owned by corporate insiders.

Corning Stock Down 0.1 %

Shares of NYSE GLW traded down $0.06 during midday trading on Friday, hitting $40.20. The company’s stock had a trading volume of 4,741,778 shares, compared to its average volume of 6,182,246. 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 firm has a market capitalization of $34.44 billion, a price-to-earnings ratio of 56.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.05. The business’s fifty day simple moving average is $40.70 and its two-hundred day simple moving average is $35.83. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.79%. Corning’s dividend payout ratio (DPR) is 157.75%.

About Corning

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.