Bokf Na Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Bokf Na lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 55.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,086 shares of the electronics maker’s stock after selling 41,379 shares during the period. Bokf Na’s holdings in Corning were worth $1,559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brevan Howard Capital Management LP purchased a new stake in Corning in the fourth quarter worth $3,484,000. Bridgefront Capital LLC bought a new position in Corning in the fourth quarter worth about $404,000. Cary Street Partners Financial LLC purchased a new stake in Corning in the fourth quarter worth about $2,924,000. Baker Avenue Asset Management LP grew its holdings in shares of Corning by 18.4% during the 4th quarter. Baker Avenue Asset Management LP now owns 8,475 shares of the electronics maker’s stock worth $403,000 after acquiring an additional 1,319 shares during the period. Finally, Bayesian Capital Management LP raised its position in shares of Corning by 165.7% in the 4th quarter. Bayesian Capital Management LP now owns 128,600 shares of the electronics maker’s stock worth $6,111,000 after acquiring an additional 80,200 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GLW shares. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Oppenheimer decreased their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Finally, Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Trading Up 0.5 %

NYSE:GLW opened at $45.09 on Friday. The company has a 50 day simple moving average of $44.45 and a two-hundred day simple moving average of $47.50. The company has a market cap of $38.61 billion, a PE ratio of 77.73, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $33.94 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. Research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.48%. Corning’s payout ratio is presently 215.38%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.

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.