Peoples Bank OH Takes $206,000 Position in Corning Incorporated (NYSE:GLW)

Peoples Bank OH bought a new stake in Corning Incorporated (NYSE:GLW) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,253 shares of the electronics maker’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Qube Research & Technologies Ltd purchased a new position in Corning in the 3rd quarter worth about $2,854,000. Royal London Asset Management Ltd. increased its stake in Corning by 17.1% in the 3rd quarter. Royal London Asset Management Ltd. now owns 274,063 shares of the electronics maker’s stock worth $8,353,000 after buying an additional 40,092 shares during the period. Royal Bank of Canada increased its stake in Corning by 4.7% in the 3rd quarter. Royal Bank of Canada now owns 4,224,982 shares of the electronics maker’s stock worth $128,735,000 after buying an additional 189,667 shares during the period. The Manufacturers Life Insurance Company increased its stake in Corning by 33.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 783,202 shares of the electronics maker’s stock worth $23,864,000 after buying an additional 196,060 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its stake in Corning by 2.4% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 162,571 shares of the electronics maker’s stock worth $4,954,000 after buying an additional 3,746 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last three months. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Up 3.8 %

Shares of NYSE:GLW traded up $1.62 during trading on Tuesday, reaching $44.67. The stock had a trading volume of 22,259,996 shares, compared to its average volume of 5,764,148. Corning Incorporated has a one year low of $25.26 and a one year high of $45.05. The company has a market capitalization of $38.27 billion, a P/E ratio of 62.92, a PEG ratio of 1.75 and a beta of 1.05. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm’s 50-day simple moving average is $37.12 and its 200 day simple moving average is $33.64.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS. As a group, research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Argus raised their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Bank of America increased their target price on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $41.92.

Corning Company 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.