First National Bank & Trust Co. of Newtown Decreases Holdings in Corning Incorporated (NYSE:GLW)

First National Bank & Trust Co. of Newtown decreased its position in shares of Corning Incorporated (NYSE:GLW) by 2.8% in the fourth quarter, HoldingsChannel reports. The fund owned 47,598 shares of the electronics maker’s stock after selling 1,350 shares during the quarter. First National Bank & Trust Co. of Newtown’s holdings in Corning were worth $1,449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GLW. Peoples Bank KS purchased a new position in shares of Corning in the third quarter worth $25,000. OFI Invest Asset Management purchased a new position in shares of Corning in the third quarter worth $25,000. Janiczek Wealth Management LLC raised its holdings in shares of Corning by 173.6% in 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 during the last quarter. SRS Capital Advisors Inc. raised its holdings in shares of Corning by 232.9% in 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 during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Corning in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW traded up $0.30 during trading on Friday, hitting $31.21. The company had a trading volume of 1,178,217 shares, compared to its average volume of 4,707,746. The stock has a fifty day simple moving average of $32.33 and a two-hundred day simple moving average of $30.38. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a market capitalization of $26.70 billion, a price-to-earnings ratio of 46.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the business earned $0.47 earnings per share. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. UBS Group raised their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. One 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $34.56.

Corning 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.