Hancock Whitney Corp Sells 224 Shares of Corning Incorporated (NYSE:GLW)

Hancock Whitney Corp reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,195 shares of the electronics maker’s stock after selling 224 shares during the quarter. Hancock Whitney Corp’s holdings in Corning were worth $235,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Los Angeles Capital Management LLC lifted its position in shares of Corning by 215.6% in 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 acquiring an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC raised its stake in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Shellback Capital LP bought a new position in Corning in the second quarter worth $34,483,000. Conning Inc. boosted its stake in Corning by 14,556.8% during the third 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, Assenagon Asset Management S.A. increased its holdings in Corning by 94.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,138,894 shares of the electronics maker’s stock valued at $51,421,000 after buying an additional 554,474 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Corning

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GLW shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

GLW opened at $48.22 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $41.29 billion, a P/E ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The company’s 50 day simple moving average is $46.62 and its 200-day simple moving average is $42.32. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio is currently 658.82%.

Corning Company 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.