Corning Incorporated (NYSE:GLW) Position Boosted by Meritage Portfolio Management

Meritage Portfolio Management boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 34.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 86,864 shares of the electronics maker's stock after acquiring an additional 22,478 shares during the period. Meritage Portfolio Management's holdings in Corning were worth $3,922,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. MBB Public Markets I LLC grew its holdings in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Corning in the second quarter valued at approximately $511,000. National Pension Service lifted its position in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in Corning in the third quarter valued at approximately $5,705,000. Finally, Jackson Square Capital LLC bought a new position in shares of Corning during the third quarter valued at approximately $990,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Up 0.4 %

Shares of GLW traded up $0.20 during midday trading on Monday, hitting $48.92. 2,992,108 shares of the stock were exchanged, compared to its average volume of 5,705,950. Corning Incorporated has a 52-week low of $27.41 and a 52-week high of $51.03. The stock has a fifty day simple moving average of $45.10 and a 200 day simple moving average of $41.05. The firm has a market cap of $41.89 billion, a P/E ratio of 286.59, a P/E/G ratio of 1.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. Corning's quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is currently 658.82%.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley reaffirmed an "equal weight" rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, Barclays increased their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $50.08.

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.