20,000 Shares in Corning Incorporated (NYSE:GLW) Acquired by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division acquired a new stake in Corning Incorporated (NYSE:GLWFree Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 20,000 shares of the electronics maker’s stock, valued at approximately $653,000.

A number of other institutional investors have also recently made changes to their positions in GLW. Access Investment Management LLC bought a new stake in Corning during the 1st quarter valued at $28,000. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the first quarter valued at about $33,000. Register Financial Advisors LLC bought a new position in shares of Corning during the first quarter valued at about $33,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Corning news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is owned by corporate insiders.

Corning Stock Up 1.1 %

Shares of GLW traded up $0.48 during mid-day trading on Wednesday, reaching $45.15. The company had a trading volume of 1,261,404 shares, compared to its average volume of 5,729,898. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market capitalization of $38.68 billion, a price-to-earnings ratio of 63.59, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05. The firm has a 50-day moving average price of $37.12 and a 200 day moving average price of $33.64. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $45.34.

Corning (NYSE:GLWGet Free Report) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.48%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $39.00 to $46.00 and gave the company a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Citigroup boosted their price objective on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday. Finally, Morgan Stanley lifted their target price on shares of Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $42.92.

Read Our Latest Stock Analysis on GLW

About Corning

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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