Corning Incorporated (NYSE:GLW) Shares Purchased by Banque Pictet & Cie SA

Banque Pictet & Cie SA grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 12.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,000 shares of the electronics maker's stock after acquiring an additional 8,766 shares during the quarter. Banque Pictet & Cie SA's holdings in Corning were worth $3,108,000 at the end of the most recent quarter.

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Other large investors have also modified their holdings of the company. Grove Bank & Trust grew its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after acquiring an additional 250 shares during the period. Burns J W & Co. Inc. NY lifted its stake in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker's stock valued at $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC grew its holdings in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker's stock worth $1,306,000 after purchasing an additional 274 shares during the period. Legacy Capital Group California Inc. raised its holdings in Corning by 1.0% in the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker's stock valued at $1,121,000 after buying an additional 278 shares during the period. Finally, Alaska Permanent Fund Corp raised its holdings in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker's stock valued at $2,754,000 after buying an additional 329 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. Oppenheimer restated an "outperform" rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. Bank of America decreased their price target on Corning from $47.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, July 31st. Finally, Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $45.62.

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Check Out Our Latest Stock Analysis on Corning

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company's stock, valued at $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.40% of the company's stock.

Corning Stock Performance

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Corning stock opened at $41.94 on Friday. The company has a market cap of $35.89 billion, a PE ratio of 59.07, a P/E/G ratio of 1.60 and a beta of 1.05. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a fifty day moving average price of $41.08 and a two-hundred day moving average price of $36.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, August 30th. Corning's dividend payout ratio (DPR) is 157.75%.

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.

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