Zions Bancorporation National Association UT Takes Position in Corning Incorporated (NYSE:GLW)

Key Points

• Zions Bancorporation has acquired a new stake in Corning Incorporated, purchasing 5,561 shares valued at approximately $255,000 during the 1st quarter.
• Corning announced a quarterly dividend of $0.28 per share, representing a 1.7% yield, with an ex-dividend date of August 29th.
• Corning's stock performance shows a one-year high of $66.50 and low of $37.31, with recent analyst upgrades raising price targets up to $75.00 from various firms.

Zions Bancorporation National Association UT bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,561 shares of the electronics maker's stock, valued at approximately $255,000.

Other institutional investors have also recently made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new position in shares of Corning during the 4th quarter valued at approximately $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the 4th quarter valued at approximately $30,000. Investment Management Corp VA ADV increased its holdings in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares in the last quarter. Finally, Transce3nd LLC purchased a new position in shares of Corning during the 4th quarter valued at approximately $39,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the sale, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer directly owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock valued at $12,813,804 over the last 90 days. Corporate insiders own 0.32% of the company's stock.

Corning Price Performance

NYSE:GLW opened at $65.84 on Monday. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The stock has a market cap of $56.40 billion, a PE ratio of 70.04, a P/E/G ratio of 1.48 and a beta of 1.08. The stock has a 50 day moving average price of $54.21 and a 200 day moving average price of $49.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same quarter last year, the firm earned $0.47 earnings per share. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid 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 1.7%. Corning's dividend payout ratio (DPR) is 119.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GLW shares. Mizuho upped their price objective on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday. Susquehanna reissued a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. UBS Group raised their price target on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Barclays raised their target price on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus price target of $65.17.

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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