L & S Advisors Inc Buys New Position in Corning Incorporated (NYSE:GLW)

L & S Advisors Inc acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 2nd quarter, Holdings Channel reports. The fund acquired 164,518 shares of the electronics maker’s stock, valued at approximately $6,392,000.

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

Corning Stock Up 1.0 %

GLW stock opened at $42.91 on Tuesday. The stock has a market capitalization of $36.72 billion, a PE ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The company has a fifty day moving average of $41.84 and a 200-day moving average of $37.26. 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.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm 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 firm’s revenue was up 3.5% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors 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 yield of 2.61%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. UBS Group increased their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.