NBT Bank N A NY Purchases 5,087 Shares of Corning Incorporated (NYSE:GLW)

NBT Bank N A NY lifted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 64.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,943 shares of the electronics maker's stock after purchasing an additional 5,087 shares during the period. NBT Bank N A NY's holdings in Corning were worth $593,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in Corning during the 4th quarter worth $302,000. Van ECK Associates Corp increased its position in Corning by 343.6% during the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock worth $5,433,000 after acquiring an additional 88,558 shares during the period. LMR Partners LLP increased its position in Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after acquiring an additional 700,442 shares during the period. Assetmark Inc. increased its holdings in shares of Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after purchasing an additional 542 shares during the period. Finally, Gotham Asset Management LLC bought a new position in shares of Corning during the fourth quarter worth approximately $306,000. Institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.1%

Shares of Corning stock opened at $50.43 on Thursday. The firm has a market capitalization of $43.19 billion, a PE ratio of 96.98, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm's 50 day moving average is $46.71 and its 200 day moving average is $47.81. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its 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. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company's revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 2.22%. Corning's dividend payout ratio is currently 215.38%.

Insider Buying and Selling

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now directly owns 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president now directly owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last 90 days. Insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GLW. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.75.

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.

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