1,061 Shares in Corning Incorporated (NYSE:GLW) Bought by Riverview Trust Co

Riverview Trust Co bought a new position in shares of Corning Incorporated (NYSE:GLW) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 1,061 shares of the electronics maker’s stock, valued at approximately $35,000.

Several other institutional investors have also recently made changes to their positions in the business. Benson Investment Management Company Inc. purchased a new position in shares of Corning during the first quarter worth $4,673,000. Bridge Creek Capital Management LLC raised its holdings in shares of Corning by 1.9% during the first quarter. Bridge Creek Capital Management LLC now owns 120,699 shares of the electronics maker’s stock worth $3,978,000 after purchasing an additional 2,200 shares during the last quarter. O Keefe Stevens Advisory Inc. raised its holdings in shares of Corning by 1.5% during the first quarter. O Keefe Stevens Advisory Inc. now owns 301,800 shares of the electronics maker’s stock worth $9,947,000 after purchasing an additional 4,410 shares during the last quarter. Werlinich Asset Management LLC raised its holdings in shares of Corning by 0.9% during the first quarter. Werlinich Asset Management LLC now owns 70,555 shares of the electronics maker’s stock worth $2,330,000 after purchasing an additional 600 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its holdings in Corning by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 69,899 shares of the electronics maker’s stock valued at $2,303,000 after buying an additional 394 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.3 %

Shares of NYSE GLW opened at $39.78 on Wednesday. The company’s 50-day simple moving average is $35.52 and its 200-day simple moving average is $32.97. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The firm has a market cap of $34.08 billion, a price-to-earnings ratio of 56.03, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. Equities analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 2.82%. Corning’s payout ratio is presently 157.75%.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GLW. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Citigroup lifted their price objective on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, June 21st. Bank of America lifted their price objective on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, June 14th. Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $35.00 to $38.00 in a report on Thursday, June 13th. Finally, Mizuho lifted their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.67.

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.