Stock Yards Bank & Trust Co. Has $209,000 Holdings in Corning Incorporated (NYSE:GLW)

Stock Yards Bank & Trust Co. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,857 shares of the electronics maker’s stock after selling 838 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Corning were worth $209,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Corning by 1.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 71,084 shares of the electronics maker’s stock worth $2,165,000 after purchasing an additional 1,356 shares during the period. Signaturefd LLC lifted its holdings in Corning by 144.8% in the fourth quarter. Signaturefd LLC now owns 19,907 shares of the electronics maker’s stock valued at $606,000 after buying an additional 11,774 shares during the period. Verdence Capital Advisors LLC lifted its holdings in Corning by 12.9% in the fourth quarter. Verdence Capital Advisors LLC now owns 20,578 shares of the electronics maker’s stock valued at $627,000 after buying an additional 2,354 shares during the period. Grandfield & Dodd LLC lifted its holdings in Corning by 1.8% in the fourth quarter. Grandfield & Dodd LLC now owns 373,600 shares of the electronics maker’s stock valued at $11,376,000 after buying an additional 6,468 shares during the period. Finally, abrdn plc lifted its holdings in Corning by 69.6% in the fourth quarter. abrdn plc now owns 320,341 shares of the electronics maker’s stock valued at $9,754,000 after buying an additional 131,455 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 0.0 %

GLW opened at $31.52 on Thursday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market cap of $26.96 billion, a P/E ratio of 47.04, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company has a fifty day moving average price of $32.30 and a two-hundred day moving average price of $30.43.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is presently 167.16%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley restated an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Finally, UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated 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 completion of 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 SEC, which is available at this hyperlink. 0.40% of the stock is currently owned by 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.