Dimensional Fund Advisors LP Acquires 426,864 Shares of Corning Incorporated (NYSE:GLW)

Dimensional Fund Advisors LP raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.3% during the second quarter, HoldingsChannel reports. The fund owned 10,342,949 shares of the electronics maker’s stock after purchasing an additional 426,864 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Corning were worth $401,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brown Brothers Harriman & Co. raised its holdings in Corning by 17.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock valued at $361,000 after acquiring an additional 1,370 shares during the period. WINTON GROUP Ltd bought a new stake in Corning during the 2nd quarter valued at $203,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Corning by 20.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 615,393 shares of the electronics maker’s stock worth $23,908,000 after purchasing an additional 104,846 shares during the period. Wealthspire Advisors LLC increased its holdings in shares of Corning by 19.0% in the second quarter. Wealthspire Advisors LLC now owns 7,432 shares of the electronics maker’s stock worth $289,000 after purchasing an additional 1,187 shares during the period. Finally, Thoroughbred Financial Services LLC increased its holdings in shares of Corning by 109.5% in the second quarter. Thoroughbred Financial Services LLC now owns 28,080 shares of the electronics maker’s stock worth $1,090,000 after purchasing an additional 14,678 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $42.91 on Tuesday. The company has a 50-day simple moving average of $41.84 and a two-hundred day simple moving average of $37.26. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a market cap of $36.72 billion, a price-to-earnings ratio of 60.44, a PEG ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.61%. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Citigroup upped their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Susquehanna upped their price target on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $45.62.

About Corning

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.