Webster Bank N. A. Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Webster Bank N. A. cut its stake in Corning Incorporated (NYSE:GLW) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,154 shares of the electronics maker’s stock after selling 500 shares during the period. Webster Bank N. A.’s holdings in Corning were worth $829,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. SRS Capital Advisors Inc. boosted its position in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at approximately $33,000. Finally, Bruce G. Allen Investments LLC acquired a new position in Corning during the fourth quarter worth $31,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $38.85 on Friday. The firm’s fifty day moving average price is $35.97 and its two-hundred day moving average price is $33.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company has a market cap of $33.28 billion, a P/E ratio of 54.72, a P/E/G ratio of 1.77 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $40.46.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business earned $0.41 EPS. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. Equities analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is 157.75%.

Insiders Place Their Bets

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 in the last 90 days. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GLW shares. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their price target for the company from $37.00 to $43.00 in a research report on Thursday, May 30th. Morgan Stanley lowered Corning from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $35.00 to $38.00 in a research report on Thursday, June 13th. Finally, Mizuho increased their price objective on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $38.67.

Corning 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.