Moody National Bank Trust Division lowered its holdings in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 57.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,120 shares of the electronics maker’s stock after selling 22,793 shares during the period. Moody National Bank Trust Division’s holdings in Corning were worth $539,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Islay Capital Management LLC acquired a new stake in Corning during the first quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Corning in the first quarter valued at approximately $31,000. Rise Advisors LLC acquired a new stake in Corning in the fourth quarter valued at approximately $32,000. CVA Family Office LLC grew its stake in Corning by 589.3% in the first quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 825 shares during the period. Finally, Sandy Cove Advisors LLC acquired a new stake in Corning in the first quarter valued at approximately $44,000. Institutional investors and hedge funds own 69.00% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on GLW. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Friday. Citigroup reduced their price objective on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday, September 9th. Susquehanna Bancshares reduced their price objective on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research note on Friday, September 9th. Credit Suisse Group initiated coverage on Corning in a research note on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Corning from $39.00 to $37.00 and set a “hold” rating on the stock in a report on Thursday. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.27.
Corning Stock Performance
Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. Corning’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 2.2 EPS for the current year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 3.37%. Corning’s payout ratio is presently 46.35%.
Insider Buying and Selling at Corning
In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares in the company, valued at $269,561.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.36% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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