Bank of New Hampshire Reduces Holdings in Corning Incorporated (NYSE:GLW)

Bank of New Hampshire trimmed its stake in Corning Incorporated (NYSE:GLW) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,675 shares of the electronics maker’s stock after selling 483 shares during the period. Bank of New Hampshire’s holdings in Corning were worth $416,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the period. Morgan Stanley raised its holdings in Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the last quarter. Northern Trust Corp raised its holdings in Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after buying an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings 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 worth $240,199,000 after buying an additional 490,638 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

GLW stock traded down $0.17 during trading on Thursday, reaching $31.35. The company’s stock had a trading volume of 3,769,930 shares, compared to its average volume of 4,686,348. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. 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 company has a market capitalization of $26.82 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company’s fifty day moving average is $32.30 and its 200-day moving average is $30.43.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The business’s revenue was down 12.1% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated 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 transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Morgan Stanley restated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.78.

Corning 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.