Park National Corp OH Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Park National Corp OH decreased its position in shares of Corning Incorporated (NYSE:GLW) by 7.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,413 shares of the electronics maker’s stock after selling 1,390 shares during the period. Park National Corp OH’s holdings in Corning were worth $780,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. City Holding Co. increased its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in Corning during the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the third quarter worth approximately $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $50.77.

Corning Trading Down 0.3 %

Shares of NYSE:GLW opened at $47.70 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $47.94 and its 200 day moving average price is $44.63. The company has a market cap of $40.84 billion, a PE ratio of 280.59, a P/E/G ratio of 1.54 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. Sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company 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.