Moody National Bank Trust Division Sells 22,793 Shares of Corning Incorporated (NYSE:GLW)

Moody National Bank Trust Division lessened its stake in Corning Incorporated (NYSE:GLWGet Rating) by 57.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,120 shares of the electronics maker’s stock after selling 22,793 shares during the period. Moody National Bank Trust Division’s holdings in Corning were worth $539,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Islay Capital Management LLC bought a new position in Corning during the 1st quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in Corning during the 1st quarter valued at approximately $31,000. Rise Advisors LLC bought a new position in Corning during the 4th quarter valued at approximately $32,000. CVA Family Office LLC raised its position in Corning by 589.3% during the 1st quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 825 shares during the last quarter. Finally, Sandy Cove Advisors LLC bought a new position in Corning during the 1st quarter valued at approximately $44,000. Institutional investors own 69.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on GLW. JPMorgan Chase & Co. lowered their price target on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, July 14th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a report on Friday. UBS Group reduced their target price on Corning to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Susquehanna reduced their target price on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, September 9th. Finally, Susquehanna Bancshares reduced their target price on Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a report on Friday, September 9th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.27.

Corning Stock Performance

Corning stock opened at $32.06 on Monday. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $27.10 billion, a P/E ratio of 13.76, a PEG ratio of 2.25 and a beta of 1.00. The stock’s 50 day moving average is $34.71 and its 200 day moving average is $34.93. Corning Incorporated has a twelve month low of $30.63 and a twelve month high of $43.47.

Corning (NYSE:GLWGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts predict that Corning Incorporated will post 2.2 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.37%. Corning’s dividend payout ratio is 46.35%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares in the company, valued at approximately $269,561.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.36% of the company’s stock.

Corning Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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