First Citizens Bank & Trust Co. cut its position in shares of Corning Incorporated (NYSE:GLW) by 76.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,821 shares of the electronics maker’s stock after selling 35,518 shares during the period. First Citizens Bank & Trust Co.’s holdings in Corning were worth $358,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Vectors Research Management LLC boosted its holdings in shares of Corning by 16.5% during the 4th quarter. Vectors Research Management LLC now owns 2,120 shares of the electronics maker’s stock worth $64,000 after buying an additional 300 shares during the period. OLD Dominion Capital Management Inc. boosted its holdings in shares of Corning by 1.3% during the 4th quarter. OLD Dominion Capital Management Inc. now owns 24,928 shares of the electronics maker’s stock worth $753,000 after buying an additional 324 shares during the period. Huntington National Bank boosted its holdings in shares of Corning by 1.5% during the 4th quarter. Huntington National Bank now owns 23,045 shares of the electronics maker’s stock worth $696,000 after buying an additional 334 shares during the period. Clifford Swan Investment Counsel LLC boosted its holdings in shares of Corning by 3.9% during the 4th quarter. Clifford Swan Investment Counsel LLC now owns 8,938 shares of the electronics maker’s stock worth $270,000 after buying an additional 338 shares during the period. Finally, Scotia Capital Inc. boosted its holdings in shares of Corning by 0.4% during the 4th quarter. Scotia Capital Inc. now owns 83,258 shares of the electronics maker’s stock worth $2,515,000 after buying an additional 343 shares during the period. Institutional investors own 72.08% of the company’s stock.
NYSE GLW opened at $34.96 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.12 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $27.49 billion, a price-to-earnings ratio of 19.64, a price-to-earnings-growth ratio of 1.99 and a beta of 1.16. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.02. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. Corning had a net margin of 9.44% and a return on equity of 14.21%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 EPS. On average, research analysts forecast that Corning Incorporated will post 2 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, February 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.29%. This is an increase from Corning’s previous quarterly dividend of $0.18. Corning’s payout ratio is currently 44.94%.
Several analysts recently commented on GLW shares. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Wednesday, January 16th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.50.
In other Corning news, VP David L. Morse sold 36,664 shares of the business’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $35.00, for a total value of $1,283,240.00. Following the completion of the sale, the vice president now owns 47,527 shares of the company’s stock, valued at approximately $1,663,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 223,379 shares of the business’s stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $33.77, for a total transaction of $7,543,508.83. Following the completion of the sale, the chief executive officer now directly owns 114,943 shares of the company’s stock, valued at approximately $3,881,625.11. The disclosure for this sale can be found here. Insiders sold a total of 328,767 shares of company stock valued at $11,162,588 in the last three months. Insiders own 0.46% of the company’s stock.
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Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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