Corning Incorporated (NYSE:GLW) Shares Sold by Citizens National Bank Trust Department

Citizens National Bank Trust Department reduced its holdings in Corning Incorporated (NYSE:GLW) by 4.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,745 shares of the electronics maker’s stock after selling 1,250 shares during the period. Citizens National Bank Trust Department’s holdings in Corning were worth $1,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northstar Advisory Group LLC increased its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. increased its stake in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the period. FMR LLC boosted its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Fifth Third Bancorp grew its position in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division raised its holdings in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after acquiring an additional 29,790 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GLW shares. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Down 0.6 %

Corning stock opened at $52.57 on Thursday. The company’s fifty day simple moving average is $49.69 and its 200-day simple moving average is $46.48. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The stock has a market cap of $45.03 billion, a P/E ratio of 90.64, a P/E/G ratio of 1.53 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.11%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by insiders.

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.