Fifth Third Bancorp Has $2.65 Million Stake in Corning Incorporated (NYSE:GLW)

Fifth Third Bancorp lifted its position in shares of Corning Incorporated (NYSE:GLWFree Report) by 7.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,852 shares of the electronics maker’s stock after purchasing an additional 6,313 shares during the quarter. Fifth Third Bancorp’s holdings in Corning were worth $2,645,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GLW. Peoples Bank KS bought a new stake in Corning during the third quarter worth $25,000. OFI Invest Asset Management bought a new stake in Corning during the third quarter worth $25,000. Janiczek Wealth Management LLC grew its holdings in Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares in the last quarter. Pacifica Partners Inc. bought a new stake in Corning during the third quarter worth $28,000. Finally, SRS Capital Advisors Inc. grew its holdings in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. UBS Group upped their price target on Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday. Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $33.67.

Get Our Latest Report on GLW

Corning Stock Down 0.5 %

GLW stock opened at $32.51 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market capitalization of $27.81 billion, a price-to-earnings ratio of 48.52, a PEG ratio of 1.86 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a fifty day moving average of $32.26 and a 200-day moving average of $30.29.

Corning (NYSE:GLWGet Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 EPS. As a group, equities research analysts predict that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.45%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is currently owned by insiders.

About Corning

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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