Meeder Asset Management Inc. Lowers Position in Corning Inc. (GLW)
Meeder Asset Management Inc. cut its stake in shares of Corning Inc. (NYSE:GLW) by 3.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 111,615 shares of the company’s stock after selling 3,865 shares during the period. Meeder Asset Management Inc.’s holdings in Corning were worth $2,285,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in GLW. First Manhattan Co. boosted its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares in the last quarter. Zions Bancorporation boosted its position in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock valued at $164,000 after buying an additional 6,498 shares in the last quarter. Invictus RG boosted its position in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock valued at $184,000 after buying an additional 495 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new position in Corning during the first quarter valued at $201,000. Finally, LVW Advisors LLC purchased a new position in Corning during the first quarter valued at $203,000. 73.63% of the stock is owned by institutional investors and hedge funds.
Shares of Corning Inc. (NYSE:GLW) traded up 0.55% on Friday, reaching $23.65. The company’s stock had a trading volume of 9,828,456 shares. Corning Inc. has a 12 month low of $16.13 and a 12 month high of $23.81. The stock has a market cap of $24.52 billion, a P/E ratio of 13.03 and a beta of 1.44. The firm’s 50-day moving average price is $22.83 and its 200-day moving average price is $21.09.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the firm posted $0.38 EPS. The business’s revenue was up .7% compared to the same quarter last year. On average, analysts forecast that Corning Inc. will post $1.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.135 per share. The ex-dividend date was Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.28%. Corning’s payout ratio is 29.51%.
Several research firms recently weighed in on GLW. Argus reissued a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price objective for the company in a research report on Monday, June 27th. Citigroup Inc. lifted their price objective on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Finally, Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of C$21.98.
In other news, insider David L. Morse sold 18,000 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the transaction, the insider now owns 61,629 shares in the company, valued at approximately C$1,448,281.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Tony Tripeny sold 7,500 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of C$22.27, for a total value of C$167,025.00. Following the transaction, the insider now owns 48,221 shares of the company’s stock, valued at approximately C$1,073,881.67. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Inc. (NYSE:GLW).
Receive News & Ratings for Corning Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Inc. and related companies with MarketBeat.com's FREE daily email newsletter.