Corning Incorporated (NYSE:GLW) Stock Holdings Trimmed by Hancock Whitney Corp

Hancock Whitney Corp lowered its position in shares of Corning Incorporated (NYSE:GLW) by 4.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,195 shares of the electronics maker’s stock after selling 224 shares during the quarter. Hancock Whitney Corp’s holdings in Corning were worth $235,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. West Oak Capital LLC raised its position in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its position in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC lifted its position in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust lifted its holdings in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. raised its position in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Up 0.5 %

Corning stock opened at $48.22 on Thursday. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $41.29 billion, a PE ratio of 283.65, a P/E/G ratio of 1.53 and a beta of 1.03. The firm’s 50 day moving average price is $46.62 and its two-hundred day moving average price is $42.32.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s payout ratio is 658.82%.

Corning Company 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.