Corning Incorporated (NYSE:GLW) Shares Purchased by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its stake in Corning Incorporated (NYSE:GLWGet Rating) by 400.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,725 shares of the electronics maker’s stock after buying an additional 5,382 shares during the period. Lazard Asset Management LLC’s holdings in Corning were worth $211,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. WFA of San Diego LLC bought a new position in shares of Corning in the second quarter worth $37,000. Bogart Wealth LLC grew its stake in shares of Corning by 1,100.0% in the second quarter. Bogart Wealth LLC now owns 1,200 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 1,100 shares in the last quarter. Sandy Cove Advisors LLC bought a new position in shares of Corning in the first quarter worth $44,000. Desjardins Global Asset Management Inc. grew its stake in shares of Corning by 35.8% in the first quarter. Desjardins Global Asset Management Inc. now owns 1,377 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 363 shares in the last quarter. Finally, Charter Oak Capital Management LLC bought a new position in shares of Corning in the second quarter worth $53,000. Institutional investors own 69.00% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. Credit Suisse Group initiated coverage on Corning in a research note on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price target for the company. Susquehanna decreased their target price on Corning from $40.00 to $39.00 in a research note on Wednesday, October 26th. Fox Advisors cut Corning from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 26th. Susquehanna Bancshares decreased their target price on Corning from $40.00 to $39.00 in a research note on Wednesday, October 26th. Finally, Morgan Stanley decreased their target price on Corning from $40.00 to $36.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 11th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Hold” and a consensus price target of $39.27.

Corning Trading Up 1.8 %

NYSE:GLW opened at $33.89 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.51 and a debt-to-equity ratio of 0.57. Corning Incorporated has a 1-year low of $28.98 and a 1-year high of $43.47. The firm has a market capitalization of $28.66 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 2.53 and a beta of 1.05. The stock has a fifty day simple moving average of $31.79 and a 200 day simple moving average of $33.46.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.67 billion. Corning had a return on equity of 15.25% and a net margin of 12.72%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.07 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, November 18th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Thursday, November 17th. Corning’s dividend payout ratio is currently 50.47%.

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.

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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