Corning Incorporated (NYSE:GLW) Stock Position Cut by Huntington National Bank

Huntington National Bank trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,298 shares of the electronics maker’s stock after selling 407 shares during the quarter. Huntington National Bank’s holdings in Corning were worth $3,293,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Public Sector Pension Investment Board raised its holdings in Corning by 13.9% during the third quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock worth $1,256,000 after purchasing an additional 3,400 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Corning by 6.4% during the 3rd quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker’s stock valued at $4,528,000 after purchasing an additional 6,034 shares during the period. Benjamin Edwards Inc. bought a new stake in shares of Corning in the 3rd quarter worth $1,804,000. Hilltop Holdings Inc. lifted its holdings in shares of Corning by 39.2% in the third quarter. Hilltop Holdings Inc. now owns 36,503 shares of the electronics maker’s stock valued at $1,648,000 after buying an additional 10,287 shares during the period. Finally, HighTower Advisors LLC boosted its stake in Corning by 56.1% during the third quarter. HighTower Advisors LLC now owns 646,817 shares of the electronics maker’s stock valued at $29,208,000 after buying an additional 232,397 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $46.59 on Thursday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $39.92 billion, a PE ratio of 80.33, a PEG ratio of 1.50 and a beta of 1.03. The company’s 50 day moving average price is $49.49 and its 200 day moving average price is $48.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s payout ratio is 193.10%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLW. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. 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.