First National Trust Co. Has $2.78 Million Position in Corning Incorporated (GLW)
First National Trust Co. cut its holdings in Corning Incorporated (NYSE:GLW) by 9.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 92,829 shares of the electronics maker’s stock after selling 10,218 shares during the period. First National Trust Co.’s holdings in Corning were worth $2,777,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GLG Partners LP bought a new position in Corning in the 2nd quarter worth approximately $102,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the period. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter valued at $112,000. IHT Wealth Management LLC boosted its holdings in Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after purchasing an additional 485 shares during the period. Finally, Central Bank & Trust Co. boosted its holdings in Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 345 shares during the period. 73.54% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE GLW) traded down $0.06 during trading hours on Monday, reaching $31.73. 3,346,200 shares of the company were exchanged, compared to its average volume of 6,274,542. The stock has a market cap of $27,575.19, a PE ratio of 18.24, a PEG ratio of 2.64 and a beta of 1.33. Corning Incorporated has a one year low of $23.11 and a one year high of $32.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 EPS. equities research analysts predict that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is presently 26.38%.
Several research analysts have commented on GLW shares. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Drexel Hamilton reissued a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a report on Thursday, July 27th. Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, October 24th. Finally, Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $29.28.
In related news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares in the company, valued at approximately $2,055,272.67. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 422,449 shares of company stock worth $12,907,983. 0.59% of the stock is owned by corporate insiders.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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