US Bancorp DE Lowers Holdings in Corning Incorporated (NYSE:GLW)

US Bancorp DE trimmed its holdings in Corning Incorporated (NYSE:GLW) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 424,759 shares of the electronics maker’s stock after selling 14,917 shares during the period. US Bancorp DE’s holdings in Corning were worth $20,185,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. First Trust Direct Indexing L.P. lifted its position in shares of Corning by 23.8% in the third quarter. First Trust Direct Indexing L.P. now owns 15,651 shares of the electronics maker’s stock worth $707,000 after buying an additional 3,010 shares in the last quarter. Financial Advocates Investment Management lifted its position in shares of Corning by 3.9% in the third quarter. Financial Advocates Investment Management now owns 9,753 shares of the electronics maker’s stock worth $440,000 after buying an additional 363 shares in the last quarter. Gladstone Institutional Advisory LLC purchased a new stake in shares of Corning in the third quarter worth about $284,000. Farther Finance Advisors LLC lifted its position in shares of Corning by 61.9% in the third quarter. Farther Finance Advisors LLC now owns 23,936 shares of the electronics maker’s stock worth $1,081,000 after buying an additional 9,149 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in shares of Corning by 1.1% in the third quarter. Chicago Partners Investment Group LLC now owns 40,076 shares of the electronics maker’s stock worth $1,879,000 after buying an additional 452 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 2.5 %

GLW opened at $50.25 on Monday. The stock has a market cap of $43.04 billion, a price-to-earnings ratio of 86.63, a P/E/G ratio of 1.50 and a beta of 1.03. The stock’s 50 day moving average price is $50.18 and its 200-day moving average price is $47.16. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.23%. Corning’s dividend payout ratio is 193.10%.

Analyst Ratings Changes

A number of equities research analysts recently commented on GLW shares. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.