New Hampshire Trust Acquires New Shares in Corning Incorporated (NYSE:GLW)

New Hampshire Trust acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 8,058 shares of the electronics maker’s stock, valued at approximately $266,000.

Other hedge funds also recently modified their holdings of the company. Cape Investment Advisory Inc. lifted its holdings in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. SRS Capital Advisors Inc. lifted its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Corning during the 4th quarter worth about $31,000. EverSource Wealth Advisors LLC lifted its holdings in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the period. Finally, Emfo LLC acquired a new position in Corning during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GLW shares. Bank of America boosted their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Mizuho boosted their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.92.

Corning Stock Performance

Shares of GLW opened at $39.88 on Friday. 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 stock has a 50 day moving average price of $35.00 and a two-hundred day moving average price of $32.68. The firm has a market capitalization of $34.16 billion, a P/E ratio of 56.17, a P/E/G ratio of 1.83 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.45.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during 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 quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Equities analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction 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. Over the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by insiders.

About Corning

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.