Chemung Canal Trust Co. Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Chemung Canal Trust Co. lowered its stake in Corning Incorporated (NYSE:GLW) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 84,188 shares of the electronics maker’s stock after selling 738 shares during the quarter. Chemung Canal Trust Co.’s holdings in Corning were worth $3,854,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank purchased a new stake in Corning in the 4th quarter worth $490,933,000. Polar Capital Holdings Plc acquired a new stake in shares of Corning in the 4th quarter worth $124,253,000. Mariner LLC raised its holdings in shares of Corning by 134.0% in the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock worth $183,867,000 after buying an additional 2,215,840 shares during the last quarter. Appaloosa LP purchased a new position in shares of Corning during the fourth quarter worth $71,280,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker’s stock worth $135,140,000 after purchasing an additional 1,483,151 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP Stefan Becker sold 17,106 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares of the company’s stock, valued at $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Z. Zhang sold 9,610 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Corning Stock Performance

GLW stock opened at $52.72 on Wednesday. The business’s fifty day moving average is $49.43 and its 200-day moving average is $48.17. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The company has a market cap of $45.15 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Friday, August 29th. Corning’s payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley lifted their price target on shares of Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Finally, Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.92.

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.