Park National Corp OH Decreases Holdings in Corning Incorporated (NYSE:GLW)

Park National Corp OH reduced its position in Corning Incorporated (NYSE:GLW) by 7.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,413 shares of the electronics maker’s stock after selling 1,390 shares during the period. Park National Corp OH’s holdings in Corning were worth $780,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. City Holding Co. increased its position in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the 3rd quarter valued at about $40,000. Global Trust Asset Management LLC raised its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the third quarter valued at about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the subject of several research reports. Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.77.

Corning Trading Down 0.3 %

GLW stock opened at $47.70 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.84 billion, a price-to-earnings ratio of 280.59, a PEG ratio of 1.54 and a beta of 1.04. The business has a fifty day simple moving average of $47.94 and a 200-day simple moving average of $44.63. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

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.