Corning Incorporated (NYSE:GLW) Stake Boosted by CNB Bank

CNB Bank increased its position in shares of Corning Incorporated (NYSE:GLW) by 10.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 10,700 shares of the electronics maker’s stock after purchasing an additional 1,009 shares during the period. CNB Bank’s holdings in Corning were worth $326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Natixis Advisors L.P. lifted its stake in Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new stake in Corning in the fourth quarter valued at $1,199,000. HB Wealth Management LLC lifted its stake in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. SG Americas Securities LLC lifted its stake in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

NYSE:GLW traded up $0.36 during mid-day trading on Friday, reaching $31.27. 4,636,555 shares of the stock were exchanged, compared to its average volume of 4,059,459. The business has a fifty day moving average price of $32.31 and a 200 day moving average price of $30.39. The firm has a market capitalization of $26.75 billion, a PE ratio of 46.67, a PEG ratio of 1.71 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. Research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group raised their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus target price of $34.56.

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.