First Merchants Corp Increases Stock Position in Corning Incorporated (NYSE:GLW)

First Merchants Corp boosted its stake in Corning Incorporated (NYSE:GLW) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,567 shares of the electronics maker’s stock after purchasing an additional 922 shares during the quarter. First Merchants Corp’s holdings in Corning were worth $2,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. BlackRock Inc. grew its position in Corning by 1.1% during the first quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock valued at $1,781,272,000 after acquiring an additional 597,213 shares during the last quarter. Geode Capital Management LLC grew its position in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock valued at $325,210,000 after acquiring an additional 874,576 shares during the last quarter. FMR LLC grew its position in Corning by 42.6% during the first quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock valued at $314,131,000 after acquiring an additional 2,837,072 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Corning by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock valued at $254,263,000 after acquiring an additional 190,145 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Corning by 5.2% during the first quarter. Janus Henderson Group PLC now owns 7,269,409 shares of the electronics maker’s stock valued at $240,618,000 after acquiring an additional 360,253 shares during the last quarter. 70.55% of the stock is currently owned by institutional investors and hedge funds.

Shares of Corning stock opened at $28.85 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.36. The stock has a market capitalization of $22.87 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.48 and a beta of 1.16. The firm’s fifty day moving average price is $32.84. Corning Incorporated has a 12 month low of $27.67 and a 12 month high of $36.56.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.89 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.77%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 44.94%.

Several research analysts have recently issued reports on GLW shares. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Bank of America upgraded shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a report on Wednesday, May 1st. Deutsche Bank set a $36.00 price target on shares of Corning and gave the company a “buy” rating in a report on Wednesday, July 31st. Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 price target (down previously from $40.00) on shares of Corning in a report on Thursday. Finally, S&P Equity Research cut shares of Corning from a “positive” rating to a “neutral” rating and cut their price target for the company from $40.00 to $30.00 in a report on Thursday. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.03.

In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the completion of the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

Further Reading: Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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