First Hawaiian Bank Sells 13,305 Shares of Corning Incorporated (NYSE:GLW)

First Hawaiian Bank trimmed its position in Corning Incorporated (NYSE:GLW) by 26.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 36,989 shares of the electronics maker’s stock after selling 13,305 shares during the period. First Hawaiian Bank’s holdings in Corning were worth $1,219,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cape Investment Advisory Inc. grew its position 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 purchasing an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in Corning in the fourth quarter valued at about $31,000. EverSource Wealth Advisors LLC boosted its stake in Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the last quarter. Finally, Emfo LLC purchased a new position in Corning in the fourth quarter valued at about $33,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

NYSE GLW opened at $40.21 on Thursday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $40.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The stock has a market capitalization of $34.44 billion, a PE ratio of 56.63, a P/E/G ratio of 1.83 and a beta of 1.08. The company’s 50 day simple moving average is $34.84 and its two-hundred day simple moving average is $32.63.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 EPS. Analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 in the last quarter. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. Finally, UBS Group upped their price target on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $37.92.

Corning Company 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.