Commerce Bank Has $3.73 Million Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Commerce Bank reduced its holdings in Corning Incorporated (NYSE:GLW) by 5.7%, owning 81,484 shares worth approximately $3.73 million after selling 4,890 shares in Q1.
• Corning reported earnings of $0.60 EPS for the last quarter, beating analysts' expectations, with revenues of $3.86 billion.
• Corning announced a quarterly dividend of $0.28, representing an annualized dividend yield of 1.8% and a payout ratio of 119.15%.

Commerce Bank cut its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 5.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,484 shares of the electronics maker's stock after selling 4,890 shares during the period. Commerce Bank's holdings in Corning were worth $3,730,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GLW. Vermillion Wealth Management Inc. acquired a new position in Corning during the fourth quarter worth approximately $29,000. Putney Financial Group LLC acquired a new stake in Corning in the fourth quarter worth about $30,000. Investment Management Corp VA ADV raised its stake in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares in the last quarter. Transce3nd LLC bought a new stake in shares of Corning during the 4th quarter worth $39,000. Finally, ORG Partners LLC boosted its position in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after acquiring an additional 476 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on GLW shares. Mizuho raised their target price on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley set a $56.00 price objective on Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Argus reissued a "buy" rating and set a $68.00 price objective on shares of Corning in a report on Wednesday, July 30th. Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Finally, Susquehanna reissued a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.92.

Insider Transactions at Corning

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. This trade represents a 35.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,381 shares of company stock valued at $7,836,789. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 1.2%

Shares of Corning stock traded up $0.78 during trading on Thursday, hitting $64.76. The company's stock had a trading volume of 8,123,889 shares, compared to its average volume of 5,694,683. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $66.50. The company has a fifty day simple moving average of $53.59 and a two-hundred day simple moving average of $49.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The company has a market capitalization of $55.47 billion, a PE ratio of 68.89, a P/E/G ratio of 1.61 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter last year, the firm earned $0.47 EPS. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. Corning's payout ratio is presently 119.15%.

Corning Company 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.