Mackenzie Financial Corp Has $3.85 Million Stock Position in Corning Incorporated (NYSE:GLW)

Mackenzie Financial Corp increased its position in shares of Corning Incorporated (NYSE:GLWGet Rating) by 39.8% in the second quarter, HoldingsChannel reports. The firm owned 122,201 shares of the electronics maker’s stock after purchasing an additional 34,763 shares during the period. Mackenzie Financial Corp’s holdings in Corning were worth $3,851,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Atria Investments LLC increased its position in Corning by 2.2% in the 1st quarter. Atria Investments LLC now owns 36,651 shares of the electronics maker’s stock valued at $1,353,000 after acquiring an additional 776 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in Corning by 2.7% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 468,334 shares of the electronics maker’s stock valued at $17,286,000 after acquiring an additional 12,225 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Corning in the 1st quarter valued at about $212,000. Metis Global Partners LLC boosted its stake in Corning by 84.8% during the 1st quarter. Metis Global Partners LLC now owns 12,404 shares of the electronics maker’s stock worth $458,000 after acquiring an additional 5,691 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its stake in Corning by 2.2% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,428 shares of the electronics maker’s stock worth $939,000 after acquiring an additional 555 shares during the last quarter. Institutional investors and hedge funds own 69.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Susquehanna reduced their price objective on shares of Corning from $40.00 to $39.00 in a research note on Wednesday, October 26th. StockNews.com assumed coverage on shares of Corning in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley cut their price target on shares of Corning from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 11th. Barclays cut their price target on shares of Corning from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 26th. Finally, Fox Advisors lowered shares of Corning from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, October 26th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $39.27.

Corning Stock Performance

Shares of GLW stock opened at $33.89 on Monday. The firm has a market cap of $28.66 billion, a PE ratio of 15.84, a P/E/G ratio of 2.53 and a beta of 1.05. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $43.47. The company’s fifty day simple moving average is $31.79 and its 200-day simple moving average is $33.46. 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 (NYSE:GLWGet Rating) last issued its earnings results on Tuesday, October 25th. The electronics maker reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.67 billion. Corning had a net margin of 12.72% and a return on equity of 15.25%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. Equities research analysts expect that Corning Incorporated will post 2.07 EPS for the current fiscal year.

Corning Dividend Announcement

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

Corning Company 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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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