UNIVEST FINANCIAL Corp Has $1.26 Million Stock Position in Corning Incorporated (NYSE:GLW)

Key Points

• UNIVEST FINANCIAL Corp increased its stake in Corning Incorporated by 49.4%, acquiring an additional 9,086 shares, bringing its total holdings to 27,475 shares valued at approximately $1.26 million.
• Corning's stock saw a price target increase from multiple analysts, with Citigroup raising theirs to $60.00 and JPMorgan Chase & Co. to $65.00, reflecting a generally positive outlook with a consensus rating of Moderate Buy.
• The company recently declared a quarterly dividend of $0.28 per share, indicating a 1.8% dividend yield, with a dividend payout ratio of 119.15%.

UNIVEST FINANCIAL Corp increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 49.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,475 shares of the electronics maker's stock after acquiring an additional 9,086 shares during the period. UNIVEST FINANCIAL Corp's holdings in Corning were worth $1,258,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of GLW. Brighton Jones LLC lifted its holdings in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Corning by 16.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 56,046 shares of the electronics maker's stock valued at $2,663,000 after buying an additional 7,867 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Corning by 22.8% in the fourth quarter. Franklin Resources Inc. now owns 235,351 shares of the electronics maker's stock worth $11,184,000 after buying an additional 43,703 shares during the last quarter. World Investment Advisors boosted its stake in shares of Corning by 6.2% during the 4th quarter. World Investment Advisors now owns 25,572 shares of the electronics maker's stock worth $1,215,000 after acquiring an additional 1,485 shares in the last quarter. Finally, Motley Fool Asset Management LLC increased its holdings in shares of Corning by 13.2% during the 4th quarter. Motley Fool Asset Management LLC now owns 38,998 shares of the electronics maker's stock valued at $1,853,000 after acquiring an additional 4,559 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. Barclays upped their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Oppenheimer raised their price target on Corning from $55.00 to $72.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Susquehanna reiterated a "positive" rating and issued a $75.00 price objective (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Morgan Stanley set a $56.00 target price on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Mizuho upped their price target on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Three research 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 company. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average target price of $63.25.

Corning Stock Up 2.2%

GLW stock traded up $1.39 on Monday, hitting $63.44. 5,087,442 shares of the company's stock were exchanged, compared to its average volume of 5,362,290. The firm has a 50 day moving average price of $52.73 and a two-hundred day moving average price of $49.18. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $63.91. The stock has a market cap of $54.33 billion, a P/E ratio of 67.49, a price-to-earnings-growth ratio of 1.59 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 return on equity of 17.27% and a net margin of 5.77%. During the same period in the previous year, the company posted $0.47 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given 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 dividend yield of 1.8%. Corning's dividend payout ratio is 119.15%.

Insider Transactions at Corning

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer directly owned 78,316 shares in the company, valued at $4,877,520.48. The trade was a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 137,381 shares of company stock worth $7,836,789. Insiders own 0.32% of the company's stock.

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.