Whittier Trust Co. of Nevada Inc. Purchases 1,645 Shares of Corning Incorporated (NYSE:GLW)

Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 88.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,512 shares of the electronics maker’s stock after purchasing an additional 1,645 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Corning were worth $161,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the fourth quarter worth $29,000. Putney Financial Group LLC purchased a new stake in Corning in the fourth quarter valued at approximately $30,000. Transce3nd LLC acquired a new position in Corning in the fourth quarter valued at approximately $39,000. ORG Partners LLC lifted its holdings in Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock valued at $40,000 after acquiring an additional 476 shares during the period. Finally, VSM Wealth Advisory LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Up 2.4%

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

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 2.07%. Corning’s dividend payout ratio is currently 215.38%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup upped 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. Morgan Stanley raised their target price on Corning from $44.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their target price on Corning from $52.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group boosted their target price on Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 9th. Finally, Mizuho set a $59.00 price target on shares of Corning and gave the stock an “outperform” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average price target of $57.45.

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.