Central Pacific Bank Trust Division Acquires 38,084 Shares of Corning Incorporated (NYSE:GLW)

Central Pacific Bank Trust Division raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 181.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,062 shares of the electronics maker's stock after acquiring an additional 38,084 shares during the quarter. Central Pacific Bank Trust Division's holdings in Corning were worth $2,704,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sierra Ocean LLC purchased a new stake in shares of Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter valued at $29,000. Vermillion Wealth Management Inc. purchased a new stake in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in Corning in the 4th quarter valued at $30,000. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.8%

GLW traded down $0.41 during trading on Friday, reaching $49.55. The company had a trading volume of 12,836,651 shares, compared to its average volume of 5,981,219. The firm's 50-day simple moving average is $44.83 and its 200 day simple moving average is $47.56. The company has a market cap of $42.44 billion, a price-to-earnings ratio of 85.43, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 12-month low of $36.58 and a 12-month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping 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 firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the business posted $0.38 EPS. Corning's revenue was up 12.9% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm 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 2.26%. Corning's payout ratio is presently 215.38%.

Analyst Ratings Changes

GLW has been the subject of several research reports. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Oppenheimer dropped 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. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Citigroup dropped their price objective 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. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president now owns 31,505 shares in the company, valued at $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,291 shares of company stock worth $3,307,320. 0.40% of the stock is currently owned by company insiders.

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.