HNP Capital LLC Has $517,000 Holdings in Corning Incorporated (NYSE:GLW)

HNP Capital LLC lessened its position in Corning Incorporated (NYSE:GLW) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,651 shares of the electronics maker’s stock after selling 500 shares during the quarter. HNP Capital LLC’s holdings in Corning were worth $517,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of GLW. City Holding Co. raised its holdings in Corning by 70.5% in the 1st quarter. City Holding Co. now owns 747 shares of the electronics maker’s stock worth $26,000 after acquiring an additional 309 shares during the period. CVA Family Office LLC increased its holdings in shares of Corning by 563.6% during the 1st quarter. CVA Family Office LLC now owns 730 shares of the electronics maker’s stock worth $26,000 after purchasing an additional 620 shares during the period. Pinnacle Bancorp Inc. bought a new position in shares of Corning during the 1st quarter worth about $32,000. Carmel Capital Partners LLC bought a new position in shares of Corning during the 1st quarter worth about $32,000. Finally, GoalVest Advisory LLC bought a new position in shares of Corning during the 1st quarter worth about $34,000. Institutional investors own 67.74% of the company’s stock.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total transaction of $3,378,000.00. Following the transaction, the chief executive officer now directly owns 847,474 shares in the company, valued at $28,627,671.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $33.78, for a total value of $3,378,000.00. Following the transaction, the chief executive officer now directly owns 847,474 shares in the company, valued at $28,627,671.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Alan Bell sold 35,045 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $35.00, for a total transaction of $1,226,575.00. The disclosure for this sale can be found here. Insiders have sold a total of 151,755 shares of company stock worth $5,176,893 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $40.00 in a report on Thursday, June 15th. 888 restated an “upgrade” rating on shares of Corning in a report on Friday, June 9th. Oppenheimer reissued an “outperform” rating and issued a $42.00 target price on shares of Corning in a research note on Monday, July 31st. StockNews.com assumed coverage on shares of Corning in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $38.00 in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.00.

Corning Price Performance

NYSE:GLW opened at $31.26 on Thursday. The firm has a market cap of $26.66 billion, a PE ratio of 42.82, a price-to-earnings-growth ratio of 2.81 and a beta of 1.06. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $37.10. The company has a quick ratio of 1.03, a current ratio of 1.65 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average price is $33.02 and its two-hundred day moving average price is $33.16.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.45 EPS for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.48 billion. Corning had a net margin of 4.72% and a return on equity of 13.22%. The company’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 1.85 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. Corning’s dividend payout ratio (DPR) is presently 153.42%.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.