First National Bank & Trust Co. of Newtown Sells 5,500 Shares of Corning Incorporated (NYSE:GLW)

First National Bank & Trust Co. of Newtown lessened its holdings in Corning Incorporated (NYSE:GLW) by 12.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,386 shares of the electronics maker’s stock after selling 5,500 shares during the period. First National Bank & Trust Co. of Newtown’s holdings in Corning were worth $1,733,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. City Holding Co. increased its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. ESL Trust Services LLC purchased a new stake in Corning during the first quarter valued at approximately $33,000. Accordant Advisory Group Inc purchased a new position in shares of Corning in the 2nd quarter worth approximately $39,000. Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning in the third quarter worth $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GLW. Citigroup increased their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.0 %

GLW opened at $48.23 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.29 billion, a price-to-earnings ratio of 283.68, a PEG ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03. The stock has a fifty day moving average price of $44.83 and a 200-day moving average price of $40.75.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. As a group, equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

About Corning

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.