Corning Incorporated (NYSE:GLW) Holdings Decreased by MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH trimmed its position in Corning Incorporated (NYSE:GLW) by 23.0% in the third quarter, Holdings Channel.com reports. The fund owned 1,122,858 shares of the electronics maker’s stock after selling 336,174 shares during the period. Corning makes up approximately 1.6% of MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s investment portfolio, making the stock its 24th largest position. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Corning were worth $50,697,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Price T Rowe Associates Inc. MD grew its stake in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP grew its stake in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares during the last quarter. Natixis grew its stake in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP bought a new position in Corning during the 2nd quarter worth $34,483,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Up 1.0 %

Shares of Corning stock opened at $46.46 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $39.80 billion, a price-to-earnings ratio of 65.44, a price-to-earnings-growth ratio of 1.72 and a beta of 1.04. The business has a fifty day simple moving average of $42.34 and a 200-day simple moving average of $38.89. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is 157.75%.

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.