Mercer Global Advisors Inc. ADV Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Mercer Global Advisors Inc. ADV lessened its position in shares of Corning Incorporated (NYSE:GLW) by 7.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,316 shares of the electronics maker’s stock after selling 12,506 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Corning were worth $7,381,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in GLW. Oregon Public Employees Retirement Fund lifted its holdings in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after buying an additional 204 shares during the period. Principal Securities Inc. raised its holdings in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 211 shares in the last quarter. Bogart Wealth LLC lifted its stake in Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 219 shares during the period. Buffington Mohr McNeal boosted its holdings in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares in the last quarter. Finally, Allworth Financial LP increased its position in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is owned by insiders.

Corning Price Performance

Shares of GLW opened at $45.76 on Friday. The company has a market capitalization of $39.21 billion, a P/E ratio of 78.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $32.92 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $44.79 and a 200 day moving average of $47.54.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 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, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.45%. Corning’s payout ratio is 215.38%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GLW. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday. Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.08.

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.