M&R Capital Management Inc. Purchases 1,000 Shares of Corning Incorporated (NYSE:GLW)

M&R Capital Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 317.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,315 shares of the electronics maker’s stock after buying an additional 1,000 shares during the quarter. M&R Capital Management Inc.’s holdings in Corning were worth $43,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of GLW. FMR LLC grew its stake in Corning by 80.6% during the fourth quarter. FMR LLC now owns 6,653,290 shares of the electronics maker’s stock worth $200,997,000 after buying an additional 2,969,394 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in Corning by 3,279.0% during the second quarter. Thoroughbred Financial Services LLC now owns 992,680 shares of the electronics maker’s stock worth $99,268,000 after buying an additional 963,302 shares during the last quarter. Geode Capital Management LLC grew its stake in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after buying an additional 874,576 shares during the last quarter. BlackRock Inc. grew its stake in Corning by 1.1% during the first quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock worth $1,781,272,000 after buying an additional 597,213 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Corning by 5.2% during the first quarter. Janus Henderson Group PLC now owns 7,269,409 shares of the electronics maker’s stock worth $240,618,000 after buying an additional 360,253 shares during the last quarter. 70.67% of the stock is currently owned by hedge funds and other institutional investors.

In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Several analysts have weighed in on GLW shares. Susquehanna Bancshares reaffirmed a “neutral” rating and set a $30.00 price objective (down from $40.00) on shares of Corning in a research note on Thursday. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Deutsche Bank set a $36.00 price target on shares of Corning and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, S&P Equity Research cut shares of Corning from a “positive” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $30.00 in a research note on Thursday. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $35.03.

Shares of GLW traded down $0.45 during mid-day trading on Friday, hitting $29.29. 6,626,108 shares of the company traded hands, compared to its average volume of 5,510,168. Corning Incorporated has a one year low of $27.67 and a one year high of $36.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.36. The business has a 50-day simple moving average of $32.84. The stock has a market capitalization of $23.22 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. Corning’s revenue was up 7.0% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.89 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.73%. Corning’s payout ratio is presently 44.94%.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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