Bokf Na Sells 41,379 Shares of Corning Incorporated (NYSE:GLW)

BOKF NA decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 55.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,086 shares of the electronics maker's stock after selling 41,379 shares during the period. BOKF NA's holdings in Corning were worth $1,559,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its stake in shares of Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after acquiring an additional 204 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the period. Bogart Wealth LLC boosted its holdings in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after buying an additional 219 shares in the last quarter. Buffington Mohr McNeal boosted its position in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after purchasing an additional 220 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after acquiring an additional 220 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of several analyst reports. HSBC raised Corning from a "hold" rating to a "buy" rating and upped their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Price Performance

Shares of NYSE:GLW traded up $1.92 during mid-day trading on Monday, reaching $47.00. The stock had a trading volume of 4,916,502 shares, compared to its average volume of 5,941,802. The business's 50 day moving average price is $44.42 and its 200 day moving average price is $47.49. Corning Incorporated has a 1 year low of $34.15 and a 1 year high of $55.33. The company has a market cap of $40.25 billion, a P/E ratio of 81.03, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business 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 company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 dividend yield of 2.38%. Corning's dividend payout ratio (DPR) is 215.38%.

Insider Activity

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.40% of the company's stock.

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.