Farmers Trust Co. Decreases Stake in Corning Incorporated (NYSE:GLW)
Farmers Trust Co. lowered its stake in Corning Incorporated (NYSE:GLW) by 4.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,696 shares of the electronics maker’s stock after selling 352 shares during the period. Farmers Trust Co.’s holdings in Corning were worth $231,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. Central Bank & Trust Co. raised its position in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank raised its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth $122,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter worth $136,000. 74.19% of the stock is currently owned by institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded up 0.291% during mid-day trading on Tuesday, reaching $29.325. 1,308,314 shares of the company were exchanged. The firm’s 50-day moving average is $30.34 and its 200-day moving average is $28.35. The company has a market capitalization of $26.49 billion, a price-to-earnings ratio of 13.097 and a beta of 1.40. Corning Incorporated has a 12 month low of $22.07 and a 12 month high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. On average, equities analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.12%. Corning’s payout ratio is 27.93%.
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A number of equities research analysts have weighed in on the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Corning in a report on Wednesday, April 19th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a report on Monday, July 10th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider James P. Clappin sold 106,983 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now directly owns 91,552 shares in the company, valued at $2,677,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lewis A. Steverson sold 30,000 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $29.00, for a total transaction of $870,000.00. Following the sale, the insider now owns 3,859 shares in the company, valued at $111,911. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock worth $11,389,405 over the last quarter. Corporate insiders own 0.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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