Huntington National Bank Lowers Holdings in Corning Incorporated (NYSE:GLW)

Huntington National Bank lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,298 shares of the electronics maker’s stock after selling 407 shares during the period. Huntington National Bank’s holdings in Corning were worth $3,293,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Public Sector Pension Investment Board raised its holdings in shares of Corning by 13.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock worth $1,256,000 after purchasing an additional 3,400 shares during the period. Captrust Financial Advisors raised its holdings in Corning by 6.4% in the third quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker’s stock valued at $4,528,000 after buying an additional 6,034 shares during the period. Benjamin Edwards Inc. purchased a new position in Corning in the third quarter valued at approximately $1,804,000. Hilltop Holdings Inc. lifted its position in Corning by 39.2% during the third quarter. Hilltop Holdings Inc. now owns 36,503 shares of the electronics maker’s stock valued at $1,648,000 after buying an additional 10,287 shares in the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Corning by 56.1% in the third quarter. HighTower Advisors LLC now owns 646,817 shares of the electronics maker’s stock worth $29,208,000 after acquiring an additional 232,397 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $46.59 on Thursday. The stock has a market capitalization of $39.92 billion, a PE ratio of 80.33, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business’s fifty day moving average price is $49.49 and its 200 day moving average price is $48.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GLW shares. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.31.

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.