Parkside Financial Bank & Trust Acquires 502 Shares of Corning Incorporated (NYSE:GLW)

Parkside Financial Bank & Trust increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.2% during the fourth quarter, Holdings Channel reports. The fund owned 4,984 shares of the electronics maker’s stock after purchasing an additional 502 shares during the period. Parkside Financial Bank & Trust’s holdings in Corning were worth $237,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. FMR LLC lifted its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. State Street Corp lifted its holdings in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Conning Inc. lifted its holdings in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Corning by 223.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock worth $40,719,000 after buying an additional 592,187 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of analyst reports. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Price Performance

GLW opened at $50.25 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a fifty day simple moving average of $50.18 and a 200 day simple moving average of $47.10. The stock has a market cap of $43.04 billion, a P/E ratio of 86.63, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.