Community Bank N.A. Acquires 7,170 Shares of Corning Incorporated (NYSE:GLW)

Community Bank N.A. raised its holdings in Corning Incorporated (NYSE:GLW) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 83,802 shares of the electronics maker’s stock after acquiring an additional 7,170 shares during the quarter. Community Bank N.A.’s holdings in Corning were worth $2,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Peoples Bank KS bought a new position in Corning in the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new position in shares of Corning during the third quarter worth $25,000. SRS Capital Advisors Inc. boosted its position in shares of 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 purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Corning during the fourth quarter worth $31,000. Finally, Emfo LLC bought a new position in shares of Corning during the fourth quarter worth $33,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of Corning stock traded down $0.01 during trading on Wednesday, hitting $31.52. 3,203,471 shares of the stock were exchanged, compared to its average volume of 4,699,621. The stock has a market capitalization of $26.96 billion, a price-to-earnings ratio of 47.04, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company has a fifty day moving average price of $32.30 and a 200-day moving average price of $30.43. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. As a group, equities analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The company 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 annualized dividend and a dividend yield of 3.55%. Corning’s dividend payout ratio is presently 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent analyst reports. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. UBS Group lifted their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $34.78.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of 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 this link. 0.45% of the stock is owned by company insiders.

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.