Corning Incorporated (NYSE:GLW) Shares Bought by Community Bank N.A.

Community Bank N.A. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 36.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,407 shares of the electronics maker’s stock after acquiring an additional 7,915 shares during the period. Community Bank N.A.’s holdings in Corning were worth $761,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GLW. Man Group plc raised its holdings in shares of Corning by 279.0% during the fourth quarter. Man Group plc now owns 138,456 shares of the electronics maker’s stock worth $4,031,000 after purchasing an additional 101,923 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Corning by 4.1% during the 1st quarter. Geode Capital Management LLC now owns 12,151,043 shares of the electronics maker’s stock valued at $249,251,000 after buying an additional 479,204 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new position in shares of Corning during the 2nd quarter valued at about $45,000. MUFG Americas Holdings Corp lifted its holdings in shares of Corning by 23.2% in the 1st quarter. MUFG Americas Holdings Corp now owns 98,840 shares of the electronics maker’s stock valued at $2,030,000 after buying an additional 18,639 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Corning by 322.6% in the first quarter. BNP Paribas Arbitrage SA now owns 202,714 shares of the electronics maker’s stock worth $4,164,000 after buying an additional 154,743 shares during the last quarter. 72.96% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have issued reports on GLW. Citigroup boosted their price target on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $25.00 to $36.00 in a research note on Thursday, July 16th. Morgan Stanley increased their price target on shares of Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 10th. Oppenheimer began coverage on shares of Corning in a report on Tuesday, July 28th. They issued a “hold” rating for the company. Finally, Susquehanna Bancshares reissued a “hold” rating and set a $26.00 target price on shares of Corning in a research note on Tuesday, July 28th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Corning currently has an average rating of “Hold” and a consensus target price of $31.90.

In other news, EVP Clark S. Kinlin sold 28,840 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $30.80, for a total value of $888,272.00. Following the transaction, the executive vice president now directly owns 80,881 shares of the company’s stock, valued at $2,491,134.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 94,928 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $31.07, for a total transaction of $2,949,412.96. The disclosure for this sale can be found here. Insiders sold 186,762 shares of company stock worth $5,812,645 over the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Shares of NYSE GLW traded down $0.12 during trading on Friday, hitting $31.00. The company had a trading volume of 5,697,341 shares, compared to its average volume of 5,281,600. The firm has a market capitalization of $23.59 billion, a price-to-earnings ratio of 310.03, a price-to-earnings-growth ratio of 13.89 and a beta of 1.10. The stock has a fifty day simple moving average of $27.43 and a two-hundred day simple moving average of $24.73. The company has a quick ratio of 1.44, a current ratio of 2.27 and a debt-to-equity ratio of 0.79. Corning Incorporated has a fifty-two week low of $17.44 and a fifty-two week high of $31.82.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.13. Corning had a net margin of 1.89% and a return on equity of 11.59%. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the company posted $0.45 EPS. Corning’s quarterly revenue was down 11.6% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Thursday, August 27th. Corning’s dividend payout ratio is presently 50.00%.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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