35,631 Shares in Corning Incorporated (NYSE:GLW) Bought by Meeder Asset Management Inc.

Meeder Asset Management Inc. acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 35,631 shares of the electronics maker’s stock, valued at approximately $1,631,000.

Other hedge funds have also recently made changes to their positions in the company. LMR Partners LLP lifted its stake in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock worth $57,045,000 after purchasing an additional 700,442 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in Corning in the fourth quarter valued at about $306,000. GAMMA Investing LLC raised its stake in Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker’s stock valued at $520,000 after buying an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock valued at $1,024,000 after buying an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker’s stock valued at $59,558,000 after buying an additional 23,781 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GLW shares. Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 11th. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, July 9th. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an “outperform” rating for the company. Mizuho raised their price objective on Corning from $52.00 to $59.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Finally, Oppenheimer reduced their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.73.

Insider Buying and Selling

In other news, SVP Soumya Seetharam sold 6,505 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president owned 25,000 shares in the company, valued at $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Corning Stock Up 0.1%

Shares of GLW opened at $55.41 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $56.25. The stock’s 50 day moving average is $51.59 and its two-hundred day moving average is $48.78. The firm has a market cap of $47.46 billion, a P/E ratio of 106.56, a PEG ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company earned $0.38 earnings per share. Corning’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is currently 215.38%.

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.