Charter Trust Co. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

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Charter Trust Co. lowered its stake in Corning Incorporated (NYSE:GLW) by 7.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,865 shares of the electronics maker’s stock after selling 1,717 shares during the period. Charter Trust Co.’s holdings in Corning were worth $429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. NWK Group Inc. purchased a new stake in shares of Corning in the 4th quarter worth approximately $29,000. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in Corning by 700.0% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 1,225 shares during the last quarter. Whitnell & Co. boosted its stake in Corning by 42.7% during the 4th quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 427 shares during the last quarter. Procyon Private Wealth Partners LLC purchased a new stake in Corning during the 4th quarter valued at $51,000. Finally, Howard Wealth Management LLC purchased a new stake in Corning during the 4th quarter valued at $52,000. Institutional investors own 73.18% of the company’s stock.

Several analysts have commented on the company. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. Susquehanna Bancshares reiterated a “hold” rating and set a $22.00 target price on shares of Corning in a research note on Tuesday, April 28th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Tuesday, April 28th. Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $26.00 to $22.00 in a research note on Wednesday, April 29th. Finally, Morgan Stanley increased their target price on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Corning presently has a consensus rating of “Hold” and an average price target of $30.18.

Shares of NYSE GLW traded down $1.58 during midday trading on Thursday, hitting $26.27. 740,972 shares of the stock traded hands, compared to its average volume of 6,399,391. The firm has a 50-day moving average of $21.97 and a two-hundred day moving average of $25.11. The firm has a market capitalization of $20.30 billion, a P/E ratio of 81.82, a PEG ratio of 13.93 and a beta of 1.09. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.44 and a current ratio of 2.18. Corning Incorporated has a one year low of $17.44 and a one year high of $34.26.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the firm earned $0.40 EPS. Corning’s revenue for the quarter was down 15.0% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 1.03 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a $0.22 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a yield of 3.35%. Corning’s dividend payout ratio is currently 50.00%.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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