First National Bank & Trust Co. of Newtown Sells 1,350 Shares of Corning Incorporated (NYSE:GLW)

First National Bank & Trust Co. of Newtown cut its holdings in Corning Incorporated (NYSE:GLW) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,598 shares of the electronics maker’s stock after selling 1,350 shares during the period. First National Bank & Trust Co. of Newtown’s holdings in Corning were worth $1,449,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GLW. Norges Bank bought a new position in shares of Corning in the fourth quarter valued at approximately $241,456,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Corning by 74.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock valued at $306,278,000 after acquiring an additional 3,694,339 shares in the last quarter. Morgan Stanley grew its holdings in shares of Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock valued at $438,666,000 after acquiring an additional 2,875,197 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.30 during trading on Friday, hitting $31.21. 1,178,217 shares of the company were exchanged, compared to its average volume of 4,707,746. The company has a market cap of $26.70 billion, a PE ratio of 46.10, a P/E/G ratio of 1.71 and a beta of 1.08. The stock has a 50 day moving average of $32.33 and a 200 day moving average of $30.38. Corning Incorporated has a 52-week low of $25.26 and a 52-week 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.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share. As a group, equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.59%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GLW. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. UBS Group increased their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.