Brinker Capital Investments LLC lessened its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,349 shares of the electronics maker's stock after selling 1,313 shares during the period. Brinker Capital Investments LLC's holdings in Corning were worth $1,713,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker's stock worth $3,423,287,000 after purchasing an additional 671,480 shares during the period. BlackRock Inc. grew its position in Corning by 0.7% in the 1st quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker's stock worth $1,997,293,000 after purchasing an additional 384,619 shares during the period. Bank of America Corp DE boosted its stake in shares of Corning by 3.6% during the 1st quarter. Bank of America Corp DE now owns 10,820,097 shares of the electronics maker's stock worth $399,370,000 after acquiring an additional 380,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Corning by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,234,388 shares of the electronics maker's stock worth $340,891,000 after acquiring an additional 90,882 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Corning during the 4th quarter worth $281,919,000. Institutional investors own 69.00% of the company's stock.
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Insider Transactions at Corning
In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the business's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares in the company, valued at approximately $269,561.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.36% of the company's stock.
Corning Stock Down 2.0 %
Shares of GLW stock opened at $29.02 on Friday. The stock has a market cap of $24.53 billion, a P/E ratio of 12.45, a PEG ratio of 2.06 and a beta of 1.00. Corning Incorporated has a 52 week low of $28.98 and a 52 week high of $43.47. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56. The company's fifty day simple moving average is $34.14 and its two-hundred day simple moving average is $34.44.
Corning (NYSE:GLW – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. The business had revenue of $3.76 billion for the quarter, compared to analysts' expectations of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 EPS. Analysts predict that Corning Incorporated will post 2.22 EPS for the current fiscal year.
Analysts Set New Price Targets
GLW has been the topic of several analyst reports. UBS Group dropped their price target on shares of Corning to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 27th. Susquehanna Bancshares dropped their price target on shares of Corning from $46.00 to $40.00 and set a "positive" rating on the stock in a research note on Friday, September 9th. Susquehanna dropped their price target on shares of Corning from $46.00 to $40.00 and set a "positive" rating on the stock in a research note on Friday, September 9th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Corning from $39.00 to $37.00 and set a "hold" rating on the stock in a research note on Thursday, September 15th. Finally, Credit Suisse Group initiated coverage on shares of Corning in a research note on Tuesday, August 16th. They set a "neutral" rating and a $36.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $40.27.
Corning Profile
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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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