Moody National Bank Trust Division Acquires New Shares in Corning Incorporated (NYSE:GLW)

Moody National Bank Trust Division acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,285 shares of the electronics maker’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cullen Investment Group LTD. raised its stake in Corning by 2.9% during the 1st quarter. Cullen Investment Group LTD. now owns 80,859 shares of the electronics maker’s stock valued at $2,629,000 after acquiring an additional 2,275 shares in the last quarter. Appleton Partners Inc. MA raised its stake in Corning by 2.5% during the 1st quarter. Appleton Partners Inc. MA now owns 44,679 shares of the electronics maker’s stock valued at $1,473,000 after acquiring an additional 1,105 shares in the last quarter. Nomura Holdings Inc. bought a new stake in Corning during the 4th quarter valued at $472,000. HighPoint Advisor Group LLC bought a new stake in Corning during the 4th quarter valued at $614,000. Finally, Cove Private Wealth LLC bought a new stake in Corning during the 4th quarter valued at $669,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 3.8 %

Shares of Corning stock opened at $40.21 on Thursday. The stock’s fifty day moving average is $34.84 and its 200-day moving average is $32.63. The firm has a market capitalization of $34.44 billion, a PE ratio of 56.63, a price-to-earnings-growth ratio of 1.83 and a beta of 1.08. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $40.25.

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

Corning Dividend Announcement

The firm 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 dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.79%. Corning’s dividend payout ratio is 157.75%.

Insider Activity

In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction 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 approximately $2,326,950.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. UBS Group lifted their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Mizuho lifted their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday. Fox Advisors raised 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. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $35.00 to $38.00 in a research note on Thursday, June 13th. Finally, JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.