Grove Bank & Trust Increases Stake in Corning Incorporated (NYSE:GLW)

Grove Bank & Trust grew its position in Corning Incorporated (NYSE:GLW) by 21.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,414 shares of the electronics maker’s stock after buying an additional 250 shares during the period. Grove Bank & Trust’s holdings in Corning were worth $55,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of Corning in the 4th quarter worth $4,275,000. J.W. Cole Advisors Inc. bought a new stake in Corning in the 4th quarter worth about $320,000. abrdn plc raised its position in Corning by 69.6% in the 4th quarter. abrdn plc now owns 320,341 shares of the electronics maker’s stock worth $9,754,000 after buying an additional 131,455 shares during the last quarter. Signaturefd LLC lifted its stake in Corning by 144.8% during the 4th quarter. Signaturefd LLC now owns 19,907 shares of the electronics maker’s stock valued at $606,000 after acquiring an additional 11,774 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Corning by 1.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 71,084 shares of the electronics maker’s stock valued at $2,165,000 after acquiring an additional 1,356 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.6 %

Shares of GLW stock traded up $0.67 on Friday, reaching $41.94. 2,893,101 shares of the company’s stock were exchanged, compared to its average volume of 7,012,128. The company’s fifty day simple moving average is $41.08 and its 200 day simple moving average is $36.12. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $35.89 billion, a PE ratio of 59.09, a P/E/G ratio of 1.60 and a beta of 1.05.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. As a group, analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. Corning’s dividend payout ratio is currently 157.75%.

Insider Transactions at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. Citigroup upped their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Susquehanna raised their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.62.

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.