NBC Securities Inc. Has $458,000 Stock Position in Corning Incorporated (NYSE:GLW)

NBC Securities Inc. raised its position in Corning Incorporated (NYSE:GLW - Free Report) by 100,100.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 10,020 shares of the electronics maker's stock after buying an additional 10,010 shares during the period. NBC Securities Inc.'s holdings in Corning were worth $458,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GLW. Vanguard Group Inc. lifted its stake in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the period. Geode Capital Management LLC lifted its stake in shares of Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp lifted its stake in shares of Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares during the period. Norges Bank acquired a new position in shares of Corning in the 4th quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Stefan Becker sold 17,106 shares of Corning 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 transaction, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the transaction, the senior vice president now owns 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Oppenheimer dropped their price objective on 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 raised their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Finally, Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Corning Stock Down 0.2%

Shares of NYSE GLW traded down $0.12 during mid-day trading on Friday, hitting $50.74. The company had a trading volume of 3,638,968 shares, compared to its average volume of 5,979,448. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a 50-day simple moving average of $45.28 and a two-hundred day simple moving average of $47.68. The company has a market capitalization 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 Incorporated has a one year low of $36.58 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is currently 215.38%.

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.