Corning Incorporated (NYSE:GLW) Shares Acquired by Mesirow Financial Investment Management Inc.

Mesirow Financial Investment Management Inc. increased its position in Corning Incorporated (NYSE:GLW) by 2.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 141,018 shares of the electronics maker’s stock after acquiring an additional 3,287 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Corning were worth $5,480,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GLW. Sierra Summit Advisors LLC increased its stake in Corning by 7.2% during the 2nd quarter. Sierra Summit Advisors LLC now owns 19,298 shares of the electronics maker’s stock valued at $750,000 after buying an additional 1,303 shares during the period. Dimensional Fund Advisors LP increased its stake in Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares during the period. Brown Brothers Harriman & Co. increased its stake in Corning by 17.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock valued at $361,000 after buying an additional 1,370 shares during the period. WINTON GROUP Ltd acquired a new position in Corning during the 2nd quarter valued at about $203,000. Finally, Oppenheimer Asset Management Inc. increased its stake in Corning by 20.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 615,393 shares of the electronics maker’s stock valued at $23,908,000 after buying an additional 104,846 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, Bank of America lowered their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Performance

GLW stock opened at $42.50 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock has a market cap of $36.37 billion, a P/E ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The firm has a 50 day simple moving average of $41.84 and a 200 day simple moving average of $37.19. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

Corning (NYSE:GLW) last issued 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. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 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.