Washington Trust Bank Buys 5,500 Shares of Corning Incorporated (NYSE:GLW)

Washington Trust Bank grew its position in Corning Incorporated (NYSE:GLW - Free Report) by 14.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,500 shares of the electronics maker's stock after purchasing an additional 5,500 shares during the period. Washington Trust Bank's holdings in Corning were worth $1,991,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC grew its stake in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after buying an additional 2,114 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Corning in the 4th quarter worth approximately $115,000. Assetmark Inc. grew its position in Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after acquiring an additional 542 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Corning during the 4th quarter worth approximately $8,996,000. Finally, Raymond James Financial Inc. acquired a new stake in Corning during the 4th quarter valued at $92,522,000. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Oppenheimer cut their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $53.75.

Corning Price Performance

GLW opened at $53.09 on Monday. The stock has a market cap of $45.47 billion, a P/E ratio of 102.10, a P/E/G ratio of 1.43 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $49.10 and a 200 day simple moving average of $48.10.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) 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 analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.11%. Corning's dividend payout ratio (DPR) is currently 215.38%.

Insider Transactions at Corning

In related news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is currently owned by insiders.

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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