Merit Financial Group LLC Has $1.06 Million Holdings in Corning Incorporated (NYSE:GLW)

Merit Financial Group LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 112.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,169 shares of the electronics maker’s stock after buying an additional 12,259 shares during the quarter. Merit Financial Group LLC’s holdings in Corning were worth $1,061,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sierra Ocean LLC acquired a new stake in Corning during the 4th quarter worth $25,000. Asset Planning Inc acquired a new stake in Corning during the 4th quarter worth $29,000. Vermillion Wealth Management Inc. acquired a new stake in Corning during the 4th quarter worth $29,000. Putney Financial Group LLC acquired a new stake in Corning during the 4th quarter worth $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter worth $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $50.74 on Friday. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33. The stock has a market capitalization of $43.46 billion, a price-to-earnings ratio of 87.48, a PEG ratio of 1.50 and a beta of 1.11. The business has a 50-day moving average of $45.28 and a 200-day moving average of $47.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the business posted $0.38 EPS. Corning’s revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.21%. Corning’s dividend payout ratio (DPR) is currently 215.38%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GLW shares. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.08.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.40% of the company’s stock.

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.