Central Bank & Trust Co. Sells 587 Shares of Corning Incorporated (NYSE:GLW)

Central Bank & Trust Co. decreased its position in Corning Incorporated (NYSE:GLW) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,322 shares of the electronics maker’s stock after selling 587 shares during the quarter. Central Bank & Trust Co.’s holdings in Corning were worth $373,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. SRS Capital Advisors Inc. lifted its holdings 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 during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning in the 4th quarter worth approximately $31,000. EverSource Wealth Advisors LLC lifted its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Finally, Emfo LLC acquired a new stake in Corning in the 4th quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW traded up $0.20 during trading hours on Friday, reaching $40.05. The company had a trading volume of 12,917,967 shares, compared to its average volume of 6,286,061. The stock has a 50-day moving average of $35.17 and a two-hundred day moving average of $32.79. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46. The firm has a market capitalization of $34.31 billion, a PE ratio of 56.41, a PEG ratio of 1.81 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 (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. Analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced 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. This represents a $1.12 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is presently 157.75%.

Insider Transactions at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. 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. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Citigroup boosted their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Bank of America upped their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.67.

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.