Riverview Trust Co Acquires New Position in Corning Incorporated (NYSE:GLW)

Riverview Trust Co acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,061 shares of the electronics maker’s stock, valued at approximately $35,000.

Several other institutional investors also recently bought and sold shares of the company. Cape Investment Advisory Inc. grew its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. SRS Capital Advisors Inc. grew its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Corning during the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC raised its stake in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the last quarter. Finally, Emfo LLC purchased a new stake in Corning during the 4th quarter valued at $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,207 shares of company stock valued at $5,876,067. Company insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLW. Bank of America boosted their target price on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Citigroup boosted their target price on shares of Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. Mizuho boosted their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Finally, Susquehanna reissued a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $38.67.

Corning Trading Down 0.3 %

Shares of Corning stock opened at $39.78 on Wednesday. The company has a market capitalization of $34.08 billion, a P/E ratio of 56.03, a P/E/G ratio of 1.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a fifty day moving average of $35.52 and a 200 day moving average of $32.97. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

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.