CNB Bank Boosts Stake in Corning Incorporated (NYSE:GLW)

CNB Bank lifted its holdings in Corning Incorporated (NYSE:GLW) by 10.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,700 shares of the electronics maker’s stock after buying 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.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Federated Hermes Inc. increased its position in Corning by 5.7% during the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock worth $176,000 after purchasing an additional 328 shares during the last quarter. Smith Moore & CO. increased its position in Corning by 2.5% during the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after purchasing an additional 350 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in Corning by 1.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock worth $713,000 after purchasing an additional 360 shares during the last quarter. Harvest Investment Advisors LLC increased its position in shares of Corning by 1.0% during the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares during the last quarter. Finally, Venture Visionary Partners LLC increased its position in shares of Corning by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after acquiring an additional 380 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GLW shares. JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. UBS Group lifted their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.56.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Corning Stock Up 1.2 %

Corning stock traded up $0.36 during trading on Friday, reaching $31.27. The stock had a trading volume of 4,636,555 shares, compared to its average volume of 4,059,459. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The business has a 50 day moving average price of $32.31 and a 200 day moving average price of $30.39. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $26.75 billion, a PE ratio of 46.67, a P/E/G ratio of 1.71 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly 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. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.58%. Corning’s dividend payout ratio is presently 167.16%.

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.