Piscataqua Savings Bank Acquires 341 Shares of Corning Incorporated (NYSE:GLW)

Piscataqua Savings Bank raised its holdings in Corning Incorporated (NYSE:GLW) by 1.2% during the first quarter, Holdings Channel.com reports. The fund owned 28,476 shares of the electronics maker’s stock after purchasing an additional 341 shares during the period. Corning comprises about 1.2% of Piscataqua Savings Bank’s holdings, making the stock its 25th largest holding. Piscataqua Savings Bank’s holdings in Corning were worth $1,303,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Radnor Capital Management LLC boosted its position in shares of Corning by 3.4% in the 1st quarter. Radnor Capital Management LLC now owns 43,740 shares of the electronics maker’s stock worth $2,002,000 after purchasing an additional 1,450 shares during the last quarter. Magnus Financial Group LLC boosted its holdings in Corning by 21.3% during the first quarter. Magnus Financial Group LLC now owns 7,852 shares of the electronics maker’s stock worth $359,000 after buying an additional 1,377 shares during the last quarter. Curat Global LLC bought a new position in Corning during the first quarter worth about $636,000. Generali Investments Management Co LLC boosted its holdings in Corning by 157.6% during the first quarter. Generali Investments Management Co LLC now owns 51,394 shares of the electronics maker’s stock worth $2,353,000 after buying an additional 31,440 shares during the last quarter. Finally, Vest Financial LLC boosted its holdings in Corning by 39.2% during the first quarter. Vest Financial LLC now owns 23,224 shares of the electronics maker’s stock worth $1,063,000 after buying an additional 6,538 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of Corning stock opened at $50.74 on Friday. The firm has a market cap of $43.46 billion, a price-to-earnings ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The stock’s 50-day moving average is $45.28 and its 200-day moving average is $47.68. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. Equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.21%. Corning’s payout ratio is presently 215.38%.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Insider Buying and Selling

In other news, SVP Soumya Seetharam sold 6,505 shares of the company’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president now owns 25,000 shares in the company, valued at $1,250,250. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. Corporate insiders own 0.40% of the company’s stock.

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.