20,000 Shares in Corning Incorporated (NYSE:GLW) Acquired by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 20,000 shares of the electronics maker’s stock, valued at approximately $653,000.

Several other institutional investors have also added to or reduced their stakes in GLW. Cape Investment Advisory Inc. increased 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 purchasing an additional 800 shares during the last quarter. Access Investment Management LLC acquired a new stake in Corning in the first quarter valued at about $28,000. Bruce G. Allen Investments LLC acquired a new stake in Corning in the fourth quarter valued at about $31,000. EverSource Wealth Advisors LLC grew its position 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 acquired a new position in Corning during the fourth quarter worth about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $39.00 to $46.00 and gave the company a “hold” rating in a research note on Tuesday. Fox Advisors raised 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, June 17th. UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley raised their price objective on Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $42.92.

Insider Activity at Corning

In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated 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 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 a total of 175,207 shares of company stock worth $5,876,067 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Corning Trading Up 1.1 %

NYSE:GLW traded up $0.48 on Wednesday, reaching $45.15. 1,261,404 shares of the stock traded hands, compared to its average volume of 5,729,898. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $45.34. The company’s 50 day moving average is $37.12 and its 200-day moving average is $33.64. The firm has a market capitalization of $38.68 billion, a price-to-earnings ratio of 63.59, a price-to-earnings-growth ratio of 1.85 and a beta of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 earnings per share. Equities research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is 157.75%.

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.