PNC Financial Services Group Inc. Has $27.82 Million Stock Position in Corning Incorporated (NYSE:GLW)

PNC Financial Services Group Inc. trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 607,687 shares of the electronics maker's stock after selling 18,444 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of Corning worth $27,820,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in GLW. University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after acquiring an additional 214 shares in the last quarter. Seeds Investor LLC boosted its holdings in shares of Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after acquiring an additional 221 shares in the last quarter. Harbour Investments Inc. boosted its holdings in shares of Corning by 2.4% in the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after acquiring an additional 224 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of Corning by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after acquiring an additional 238 shares in the last quarter. Finally, Old North State Wealth Management LLC boosted its holdings in shares of Corning by 0.6% in the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after acquiring an additional 239 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total value of $877,026.96. Following the completion of the sale, the chief financial officer directly owned 78,316 shares in the company, valued at approximately $4,877,520.48. This trade represents a 15.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,381 shares of company stock valued at $7,836,789 in the last ninety days. Insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Mizuho boosted their target price on Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley set a $56.00 price objective on Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Barclays upped their price objective on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Susquehanna reaffirmed a "positive" rating and set a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.25.

Corning Price Performance

GLW stock opened at $63.44 on Tuesday. The stock has a 50-day moving average price of $53.03 and a two-hundred day moving average price of $49.28. The stock has a market cap of $54.33 billion, a PE ratio of 67.49, a price-to-earnings-growth ratio of 1.59 and a beta of 1.08. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $63.91.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the prior year, the business posted $0.47 EPS. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

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.

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