Kennebec Savings Bank Sells 2,023 Shares of Corning Incorporated (NYSE:GLW)

Kennebec Savings Bank lowered its position in Corning Incorporated (NYSE:GLW) by 20.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,002 shares of the electronics maker’s stock after selling 2,023 shares during the period. Kennebec Savings Bank’s holdings in Corning were worth $366,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sierra Ocean LLC bought a new position in Corning in the 4th quarter worth $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter worth $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter worth $29,000. Putney Financial Group LLC bought a new position in Corning in the 4th quarter worth $30,000. Finally, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter worth $35,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.2%

Shares of GLW stock opened at $50.74 on Friday. Corning Incorporated has a 1 year low of $36.58 and a 1 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. The stock’s 50 day simple moving average is $45.28 and its two-hundred day simple moving average is $47.68. The company has a market cap of $43.46 billion, a PE ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president now directly owns 25,000 shares of the company’s stock, valued at $1,250,250. This represents a 20.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup decreased their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Oppenheimer decreased their price target 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. Four equities research 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

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.