Westover Capital Advisors LLC Makes New $233,000 Investment in Corning Incorporated (NYSE:GLW)

Westover Capital Advisors LLC purchased a new stake in Corning Incorporated (NYSE:GLW) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,000 shares of the electronics maker’s stock, valued at approximately $233,000.

A number of other hedge funds have also modified their holdings of the business. GHP Investment Advisors Inc. boosted its position in shares of Corning by 1.1% during the 2nd quarter. GHP Investment Advisors Inc. now owns 244,764 shares of the electronics maker’s stock worth $9,509,000 after purchasing an additional 2,740 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Corning by 16.5% during the second quarter. Meeder Advisory Services Inc. now owns 11,111 shares of the electronics maker’s stock worth $432,000 after buying an additional 1,577 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Corning by 8.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 179,113 shares of the electronics maker’s stock worth $6,984,000 after buying an additional 14,347 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Corning by 16.3% in the second quarter. Oppenheimer & Co. Inc. now owns 177,414 shares of the electronics maker’s stock valued at $6,893,000 after buying an additional 24,899 shares in the last quarter. Finally, Vest Financial LLC raised its holdings in shares of Corning by 4.4% in the 2nd quarter. Vest Financial LLC now owns 10,740 shares of the electronics maker’s stock valued at $417,000 after buying an additional 452 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 1.5 %

GLW opened at $42.50 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The company has a market cap of $36.37 billion, a P/E ratio of 59.86, a PEG ratio of 1.62 and a beta of 1.04. The business’s 50-day simple moving average is $41.84 and its 200-day simple moving average is $37.15.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 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 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 revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.64%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

Several equities analysts have weighed in on GLW shares. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Argus boosted 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. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.62.

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.