Peapack Gladstone Financial Corp Reduces Position in Corning Incorporated (NYSE:GLW)

Peapack Gladstone Financial Corp lowered its position in Corning Incorporated (NYSE:GLWFree Report) by 5.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,187 shares of the electronics maker’s stock after selling 3,100 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Corning were worth $1,498,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Cape Investment Advisory Inc. grew its holdings in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the fourth quarter worth approximately $31,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the period. Finally, Emfo LLC purchased a new position in Corning in the 4th quarter valued at $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GLW. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and raised their price target for the company from $37.00 to $43.00 in a report on Thursday, May 30th. UBS Group upped their price objective on Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.90.

Read Our Latest Analysis on Corning

Insiders Place Their Bets

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 239,841 shares of company stock valued at $7,971,257. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Up 1.3 %

Corning stock opened at $37.49 on Thursday. The firm has a market capitalization of $32.11 billion, a price-to-earnings ratio of 52.80, a price-to-earnings-growth ratio of 1.68 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $37.52. The stock’s fifty day moving average is $33.73 and its two-hundred day moving average is $31.94.

Corning (NYSE:GLWGet Free Report) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm posted $0.41 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. Analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Corning Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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