Corning Incorporated (NYSE:GLW) Shares Bought by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 16.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 177,414 shares of the electronics maker’s stock after buying an additional 24,899 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Corning were worth $6,893,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Access Investment Management LLC purchased a new stake in Corning during the 1st quarter valued at about $28,000. Cape Investment Advisory Inc. boosted its holdings in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the first quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Finally, ESL Trust Services LLC purchased a new position in Corning during the first quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 1.5 %

GLW opened at $42.50 on Friday. Corning Incorporated has a 52 week low of $25.26 and a 52 week 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 business has a fifty day simple moving average of $41.84 and a 200-day simple moving average of $37.12. The firm has a market cap of $36.37 billion, a P/E ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during 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 revenue for the quarter was up 3.5% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. On average, equities analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Oppenheimer restated an “outperform” rating and issued a $47.00 target price (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Bank of America dropped their price objective 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 reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. Finally, Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning 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.