Corning Incorporated (NYSE:GLW) Shares Sold by Bank of New Hampshire

Bank of New Hampshire lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,675 shares of the electronics maker’s stock after selling 483 shares during the quarter. Bank of New Hampshire’s holdings in Corning were worth $416,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Natixis Advisors L.P. grew its position in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after buying an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new position in Corning in the fourth quarter worth $1,199,000. HB Wealth Management LLC boosted its holdings in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares during the period. SG Americas Securities LLC boosted its holdings in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. UBS Group raised their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a report on Monday. Finally, Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.78.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW traded down $0.17 during midday trading on Thursday, reaching $31.35. The stock had a trading volume of 3,769,930 shares, compared to its average volume of 4,686,348. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm’s fifty day simple moving average is $32.30 and its 200-day simple moving average is $30.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock has a market capitalization of $26.82 billion, a P/E ratio of 46.79, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the business posted $0.47 EPS. Corning’s revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s dividend payout ratio is 167.16%.

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.