Security National Bank of SO Dak Takes $240,000 Position in Corning Incorporated (NYSE:GLW)

Security National Bank of SO Dak acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, Holdings Channel reports. The firm acquired 5,055 shares of the electronics maker’s stock, valued at approximately $240,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Sound Income Strategies LLC raised its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new position in shares of Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning during the 4th quarter worth approximately $35,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of several recent analyst reports. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Price Performance

NYSE:GLW opened at $47.56 on Friday. The firm’s fifty day moving average is $44.53 and its two-hundred day moving average is $47.50. The firm has a market cap of $40.73 billion, a price-to-earnings ratio of 82.00, a PEG ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a one year low of $35.01 and a one year high of $55.33.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. Corning’s payout ratio is 215.38%.

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.