OLD Second National Bank of Aurora Sells 926 Shares of Corning Incorporated (NYSE:GLW)

OLD Second National Bank of Aurora reduced its position in shares of Corning Incorporated (NYSE:GLW) by 2.3% in the 4th quarter, HoldingsChannel reports. The firm owned 39,746 shares of the electronics maker’s stock after selling 926 shares during the period. OLD Second National Bank of Aurora’s holdings in Corning were worth $1,210,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GLW. Peoples Bank KS bought a new position in Corning during the 3rd quarter valued at about $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the third quarter worth about $25,000. Janiczek Wealth Management LLC raised its stake in shares of Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 571 shares during the last quarter. SRS Capital Advisors Inc. raised its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Corning in the fourth quarter worth about $31,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.4 %

Shares of Corning stock traded up $0.13 on Thursday, hitting $31.11. The company had a trading volume of 612,434 shares, compared to its average volume of 4,701,260. The firm has a market capitalization of $26.61 billion, a P/E ratio of 46.24, a P/E/G ratio of 1.75 and a beta of 1.08. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock has a 50-day moving average of $32.35 and a 200-day moving average of $30.38.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate 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 posted $0.47 earnings per share. The firm’s revenue was down 12.1% on a year-over-year basis. Research analysts predict that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on GLW shares. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. boosted their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $34.56.

About Corning

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.