Corning Incorporated (NYSE:GLW) Shares Bought by UMB Bank n.a.

UMB Bank n.a. grew its position in Corning Incorporated (NYSE:GLW) by 10.1% during the first quarter, Holdings Channel.com reports. The firm owned 5,024 shares of the electronics maker’s stock after acquiring an additional 461 shares during the period. UMB Bank n.a.’s holdings in Corning were worth $230,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Tallon Kerry Patrick purchased a new position in Corning in the fourth quarter valued at approximately $302,000. Brighton Jones LLC grew its position in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Stephens Inc. AR raised its stake in Corning by 8.5% during the 4th quarter. Stephens Inc. AR now owns 16,191 shares of the electronics maker’s stock worth $769,000 after acquiring an additional 1,263 shares in the last quarter. Kestra Private Wealth Services LLC raised its stake in Corning by 12.7% during the 4th quarter. Kestra Private Wealth Services LLC now owns 59,525 shares of the electronics maker’s stock worth $2,829,000 after acquiring an additional 6,708 shares in the last quarter. Finally, Savant Capital LLC lifted its position in Corning by 5.9% in the fourth quarter. Savant Capital LLC now owns 29,359 shares of the electronics maker’s stock valued at $1,395,000 after acquiring an additional 1,640 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GLW shares. Citigroup cut their target price on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. dropped their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Stock Down 0.3%

GLW opened at $50.45 on Thursday. The firm has a market cap of $43.21 billion, a P/E ratio of 86.98, a PEG ratio of 1.50 and a beta of 1.11. The business’s fifty day simple moving average is $45.76 and its 200 day simple moving average is $47.74. Corning Incorporated has a 52 week low of $37.05 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. Corning’s dividend payout ratio (DPR) is currently 215.38%.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the business’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president now directly owns 25,000 shares of the company’s stock, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.40% of the company’s stock.

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.