M&G Plc Takes Position in Corning Incorporated (NYSE:GLW)

M&G Plc bought a new position in shares of Corning Incorporated (NYSE:GLW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 38,062 shares of the electronics maker’s stock, valued at approximately $1,484,000.

Several other hedge funds have also recently made changes to their positions in GLW. Cape Investment Advisory Inc. increased its position in 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 buying an additional 800 shares in the last quarter. Access Investment Management LLC bought a new stake in Corning during the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC raised its stake in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Emfo LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $33,000. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the first quarter valued at approximately $33,000. 69.80% of the stock is owned by institutional investors.

Insider Activity at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on GLW shares. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Susquehanna increased their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday, July 31st. 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 research note on Monday, June 17th. Finally, Bank of America cut 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $45.23.

Corning Price Performance

GLW stock traded up $0.46 during midday trading on Tuesday, reaching $39.77. The company had a trading volume of 5,383,539 shares, compared to its average volume of 6,207,297. The firm has a 50-day moving average price of $40.48 and a 200-day moving average price of $35.63. The company has a market capitalization of $34.07 billion, a P/E ratio of 55.38, a P/E/G ratio of 1.49 and a beta of 1.05. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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

Corning Dividend Announcement

The firm also recently declared 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. This represents a $1.12 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

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.