Toronto Dominion Bank Has $16.37 Million Position in Corning Incorporated (NYSE:GLW)

Toronto Dominion Bank lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 0.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 496,664 shares of the electronics maker’s stock after selling 1,965 shares during the period. Toronto Dominion Bank owned 0.06% of Corning worth $16,370,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Access Investment Management LLC acquired a new position in shares of Corning during the 1st quarter valued at $28,000. Cape Investment Advisory Inc. lifted its position in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 1st quarter valued at $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.1 %

Shares of NYSE GLW traded up $0.04 during trading on Friday, hitting $42.85. The stock had a trading volume of 7,320,019 shares, compared to its average volume of 6,001,453. The company has a market capitalization of $36.71 billion, a PE ratio of 60.35, a PEG ratio of 1.62 and a beta of 1.05. The firm has a fifty day moving average of $39.85 and a two-hundred day moving average of $34.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39.

Corning (NYSE:GLW) last posted its quarterly 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. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.61%. Corning’s payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several research firms have weighed in on GLW. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday. Mizuho upped their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. Bank of America upped their price objective on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $43.38.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is owned by company insiders.

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.