Merit Financial Group LLC Has $518,000 Stake in Corning Incorporated (NYSE:GLW)

Merit Financial Group LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 24.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,910 shares of the electronics maker’s stock after buying an additional 2,135 shares during the period. Merit Financial Group LLC’s holdings in Corning were worth $518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. City Holding Co. boosted its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Rosenberg Matthew Hamilton raised its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the third quarter valued at $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning in the 3rd quarter valued at about $40,000. Finally, Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

NYSE:GLW opened at $53.96 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $46.20 billion, a price-to-earnings ratio of 317.40, a P/E/G ratio of 1.39 and a beta of 1.04. Corning Incorporated has a 52 week low of $30.31 and a 52 week high of $54.53. The firm’s 50-day simple moving average is $48.18 and its 200 day simple moving average is $45.36.

Corning (NYSE:GLW) last released 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. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Corning Company 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.