Corning Incorporated (NYSE:GLW) Shares Sold by OLD Second National Bank of Aurora

OLD Second National Bank of Aurora lessened its holdings in Corning Incorporated (NYSE:GLW) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,746 shares of the electronics maker’s stock after selling 926 shares during the quarter. OLD Second National Bank of Aurora’s holdings in Corning were worth $1,210,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Natixis Advisors L.P. increased its holdings in Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC purchased a new position in Corning in the fourth quarter valued at $1,199,000. HB Wealth Management LLC increased its holdings in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of several research reports. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $34.56.

Corning Price Performance

Shares of GLW traded up $0.13 during mid-day trading on Thursday, reaching $31.11. 612,434 shares of the company’s stock were exchanged, compared to its average volume of 4,701,260. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a 50-day simple moving average of $32.35 and a two-hundred day simple moving average of $30.38. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a market cap of $26.61 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the company posted $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. On average, sell-side analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.60%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Transactions at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.40% of the company’s stock.

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.