Corning Incorporated (NYSE:GLW) Shares Purchased by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 88.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,512 shares of the electronics maker’s stock after acquiring an additional 1,645 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Corning were worth $161,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in GLW. First Command Advisory Services Inc. lifted its position in Corning by 45.2% during the first quarter. First Command Advisory Services Inc. now owns 1,329 shares of the electronics maker’s stock worth $61,000 after buying an additional 414 shares during the period. Hager Investment Management Services LLC raised its holdings in shares of Corning by 159.4% in the 1st quarter. Hager Investment Management Services LLC now owns 22,903 shares of the electronics maker’s stock worth $1,048,000 after purchasing an additional 14,075 shares during the period. Dakota Wealth Management raised its holdings in shares of Corning by 2.7% in the 1st quarter. Dakota Wealth Management now owns 38,004 shares of the electronics maker’s stock worth $1,740,000 after purchasing an additional 1,000 shares during the period. SBI Securities Co. Ltd. raised its holdings in shares of Corning by 33.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 3,235 shares of the electronics maker’s stock worth $148,000 after purchasing an additional 805 shares during the period. Finally, Apollon Wealth Management LLC raised its holdings in shares of Corning by 255.8% in the 1st quarter. Apollon Wealth Management LLC now owns 166,541 shares of the electronics maker’s stock worth $7,624,000 after purchasing an additional 119,728 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $54.22 on Friday. The stock’s fifty day simple moving average is $50.52 and its 200-day simple moving average is $48.41. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The company has a market capitalization of $46.43 billion, a price-to-earnings ratio of 104.26, a P/E/G ratio of 1.43 and a beta of 1.11.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.07%. Corning’s payout ratio is presently 215.38%.

Analyst Ratings Changes

GLW has been the topic of several analyst reports. UBS Group raised their target price on Corning from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, July 9th. Citigroup raised their target price on Corning from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Morgan Stanley raised their price objective on Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $52.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $57.45.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares of the company’s stock, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Corning 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.