OLD National Bancorp IN Reduces Holdings in Corning Incorporated (NYSE:GLW)

OLD National Bancorp IN decreased its position in Corning Incorporated (NYSE:GLW) by 5.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,928 shares of the electronics maker’s stock after selling 860 shares during the period. OLD National Bancorp IN’s holdings in Corning were worth $455,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Harvest Investment Advisors LLC lifted its holdings in shares of Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after acquiring an additional 364 shares during the last quarter. Venture Visionary Partners LLC lifted its holdings in shares of Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after acquiring an additional 380 shares during the last quarter. Fiera Capital Corp lifted its holdings in shares of Corning by 2.7% in the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after acquiring an additional 385 shares during the last quarter. New World Advisors LLC lifted its holdings in shares of Corning by 3.5% in the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after acquiring an additional 400 shares during the last quarter. Finally, Western Wealth Management LLC lifted its holdings in shares of Corning by 1.6% in the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after acquiring an additional 405 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.0 %

Shares of NYSE:GLW opened at $31.52 on Thursday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company’s 50 day moving average is $32.30 and its two-hundred day moving average is $30.43. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market cap of $26.96 billion, a PE ratio of 47.04, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm posted $0.47 EPS. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a report on Monday. Finally, JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $34.78.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.40% of the company’s stock.

Corning 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.