Stock Yards Bank & Trust Co. Has $209,000 Holdings in Corning Incorporated (NYSE:GLW)

Stock Yards Bank & Trust Co. reduced its holdings in Corning Incorporated (NYSE:GLW) by 10.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,857 shares of the electronics maker’s stock after selling 838 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Corning were worth $209,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Harvest Investment Advisors LLC boosted its holdings in shares of Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after acquiring an additional 364 shares in the last quarter. Venture Visionary Partners LLC boosted its holdings in shares of Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after acquiring an additional 380 shares in the last quarter. Fiera Capital Corp boosted its holdings in shares of Corning by 2.7% in the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after acquiring an additional 385 shares in the last quarter. New World Advisors LLC lifted its holdings in Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after buying an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC lifted its holdings in Corning by 1.6% during the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after buying an additional 405 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. upped their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, Barclays upped 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. One investment 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.78.

Corning Stock Performance

Shares of Corning stock opened at $31.52 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a fifty day moving average of $32.30 and a two-hundred day moving average of $30.43. The stock has a market capitalization of $26.96 billion, a price-to-earnings ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting 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 quarter in the prior year, the company earned $0.47 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.

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.