Meeder Asset Management Inc. Takes $168,000 Position in Corning Incorporated (NYSE:GLW)

Meeder Asset Management Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 3,720 shares of the electronics maker’s stock, valued at approximately $168,000.

A number of other institutional investors have also added to or reduced their stakes in the company. City Holding Co. grew its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter valued at about $39,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the period. Finally, Accordant Advisory Group Inc bought a new position in Corning during the second quarter valued at $39,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Susquehanna increased their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

NYSE:GLW opened at $47.30 on Wednesday. The company has a market capitalization of $40.50 billion, a price-to-earnings ratio of 278.24, a PEG ratio of 1.49 and a beta of 1.03. The business has a 50 day moving average of $45.97 and a 200 day moving average of $41.78. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Corning Profile

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.