Mercer Global Advisors Inc. ADV Buys 1,371 Shares of Corning Incorporated (NYSE:GLW)

Mercer Global Advisors Inc. ADV increased its stake in Corning Incorporated (NYSE:GLW) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 172,668 shares of the electronics maker’s stock after buying an additional 1,371 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Corning were worth $6,708,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the last quarter. FIL Ltd boosted its holdings in Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.2 %

GLW opened at $44.50 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm has a market cap of $38.08 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The stock has a fifty day moving average price of $41.73 and a 200-day moving average price of $37.51.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Argus increased their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average price target of $47.00.

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.