First National Trust Co Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

First National Trust Co decreased its position in shares of Corning Incorporated (NYSE:GLW) by 11.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,932 shares of the electronics maker’s stock after selling 1,115 shares during the period. First National Trust Co’s holdings in Corning were worth $272,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP lifted its position in Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the last quarter. Federated Hermes Inc. boosted its stake in Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Corning by 302.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after purchasing an additional 1,124,787 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders sold 119,988 shares of company stock worth $3,984,964 in the last 90 days. 0.45% of the stock is owned by company insiders.

Corning Price Performance

Shares of NYSE:GLW traded down $0.28 on Monday, hitting $33.44. The company had a trading volume of 618,545 shares, compared to its average volume of 4,797,167. The company has a market cap of $28.65 billion, a PE ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. The business has a 50 day moving average of $32.36 and a 200 day moving average of $30.65. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. 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 (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company earned $0.41 EPS. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research reports. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.89.

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.