Corning Incorporated (NYSE:GLW) Shares Bought by Washington Trust Bank

Washington Trust Bank grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 14.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,500 shares of the electronics maker's stock after buying 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 Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after buying an additional 533,686 shares in the last quarter. Northern Trust Corp lifted its holdings in Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after buying an additional 208,826 shares in the last quarter. Norges Bank bought a new stake in Corning during the 4th quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after buying an additional 78,497 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction 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 directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Finally, Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Four 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Corning Stock Performance

Shares of GLW stock traded down $0.62 during trading hours on Monday, hitting $52.42. The company's stock had a trading volume of 3,233,568 shares, compared to its average volume of 5,636,012. The company has a 50 day moving average of $49.10 and a 200 day moving average of $48.10. The stock has a market cap of $44.90 billion, a PE ratio of 100.81, a price-to-earnings-growth ratio of 1.43 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. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 215.38%.

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.