Corning Incorporated (NYSE:GLW) Stake Boosted by Community Bank N.A.

Community Bank N.A. grew its stake in shares of Corning Incorporated (NYSE:GLW) by 9.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,802 shares of the electronics maker’s stock after purchasing an additional 7,170 shares during the quarter. Community Bank N.A.’s holdings in Corning were worth $2,552,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in shares of Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the period. Morgan Stanley boosted its position in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the period. Northern Trust Corp boosted its position in shares of Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after buying an additional 232,699 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after buying an additional 490,638 shares during the period. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLW. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price on shares of Corning in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’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 transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is currently owned by company insiders.

Corning Stock Down 0.0 %

NYSE:GLW traded down $0.01 during trading hours on Wednesday, hitting $31.52. 3,203,471 shares of the stock traded hands, compared to its average volume of 4,699,621. The firm has a 50 day moving average price of $32.30 and a 200 day moving average price of $30.43. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a market cap of $26.96 billion, a price-to-earnings ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the business earned $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

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.