OLD Second National Bank of Aurora Has $1.67 Million Stock Position in Corning Incorporated (NYSE:GLW)

OLD Second National Bank of Aurora decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 37,075 shares of the electronics maker’s stock after selling 697 shares during the quarter. OLD Second National Bank of Aurora’s holdings in Corning were worth $1,674,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. grew its position in Corning by 25.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares during the period. Empowered Funds LLC raised its holdings in shares of Corning by 35.4% in the first quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after buying an additional 5,081 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Corning by 7.3% during the 1st quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker’s stock worth $1,456,000 after acquiring an additional 2,991 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Corning by 3.0% during the first quarter. ProShare Advisors LLC now owns 384,442 shares of the electronics maker’s stock valued at $12,671,000 after purchasing an additional 11,298 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in shares of Corning by 4.9% in the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock valued at $329,000 after purchasing an additional 464 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. upped their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.32 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $41.37 billion, a PE ratio of 284.24, a P/E/G ratio of 1.57 and a beta of 1.03. The stock has a 50 day simple moving average of $45.24 and a 200 day simple moving average of $41.17. Corning Incorporated has a 52-week low of $27.41 and a 52-week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is presently 658.82%.

About Corning

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.