First Nebraska Trust Co Buys 6,812 Shares of Corning Incorporated $GLW

First Nebraska Trust Co purchased a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 6,812 shares of the electronics maker’s stock, valued at approximately $1,047,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after buying an additional 4,845,027 shares during the period. Bank of America Corp DE lifted its stake in shares of Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after acquiring an additional 4,231,507 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Corning by 50.9% during the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares during the period. Bank of New York Mellon Corp purchased a new stake in Corning during the 2nd quarter valued at about $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning during the 2nd quarter worth approximately $1,212,283,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GLW shares. Oppenheimer decreased their price target on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Zacks Research raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. Barclays increased their price objective on Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 28th. Citigroup restated a “buy” rating on shares of Corning in a report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Stock Performance

Shares of NYSE:GLW opened at $126.05 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average price of $146.97 and a 200-day moving average price of $155.31. The company has a market cap of $108.58 billion, a price-to-earnings ratio of 51.03, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same period last year, the firm earned $0.67 earnings per share. Corning’s quarterly revenue was up 18.9% on a year-over-year basis. As a group, equities analysts anticipate that Corning Incorporated will post 3.37 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 0.9%. Corning’s dividend payout ratio (DPR) is 45.34%.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.