Corning Incorporated (NYSE:GLW) Shares Sold by Park National Corp OH
Park National Corp OH reduced its holdings in Corning Incorporated (NYSE:GLW) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,714 shares of the electronics maker’s stock after selling 2,882 shares during the period. Park National Corp OH’s holdings in Corning were worth $3,599,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of GLW. Eudaimonia Partners LLC grew its holdings in Corning by 21.2% in the third quarter. Eudaimonia Partners LLC now owns 1,600 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 280 shares during the period. SOA Wealth Advisors LLC. acquired a new stake in Corning in the fourth quarter valued at approximately $25,000. Hoover Financial Advisors Inc. acquired a new stake in Corning in the fourth quarter valued at approximately $27,000. Financial Avengers Inc. acquired a new stake in Corning in the fourth quarter valued at approximately $29,000. Finally, ELM Advisors LLC acquired a new stake in shares of Corning in the fourth quarter worth approximately $30,000. 74.33% of the stock is currently owned by institutional investors.
NYSE GLW opened at $44.29 on Thursday. The stock’s fifty day moving average is $40.33 and its two-hundred day moving average is $36.84. The firm has a market capitalization of $34.07 billion, a P/E ratio of 221.45, a price-to-earnings-growth ratio of 9.93 and a beta of 1.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.42 and a current ratio of 2.09. Corning Incorporated has a fifty-two week low of $18.82 and a fifty-two week high of $45.84.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Friday, February 26th were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 25th. This represents a $0.96 dividend on an annualized basis and a yield of 2.17%. This is an increase from Corning’s previous quarterly dividend of $0.22. Corning’s payout ratio is currently 54.55%.
A number of analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. lowered Corning from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a research note on Friday, December 11th. TheStreet raised Corning from a “c+” rating to a “b-” rating in a research note on Friday, December 18th. Barclays raised Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $31.00 to $44.00 in a research note on Thursday, January 14th. Oppenheimer raised Corning from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Thursday, January 28th. Finally, Argus lifted their price target on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $40.50.
In related news, EVP Clark S. Kinlin sold 37,239 shares of the business’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $41.41, for a total value of $1,542,066.99. Following the sale, the executive vice president now owns 68,783 shares in the company, valued at approximately $2,848,304.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Alan Bell sold 13,320 shares of the business’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $45.48, for a total value of $605,793.60. Following the completion of the sale, the vice president now owns 13,320 shares in the company, valued at approximately $605,793.60. The disclosure for this sale can be found here. Insiders sold 316,816 shares of company stock worth $12,412,491 in the last 90 days. Company insiders own 0.47% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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