Heritage Trust Co Acquires Shares of 71,375 Corning Incorporated (NYSE:GLW)

Heritage Trust Co acquired a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 71,375 shares of the electronics maker's stock, valued at approximately $3,392,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Corning during the fourth quarter valued at about $490,933,000. Amundi raised its position in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Corning during the 4th quarter valued at approximately $92,522,000. Appaloosa LP bought a new position in Corning in the 4th quarter worth approximately $71,280,000. Finally, Vanguard Group Inc. grew its stake in Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after buying an additional 916,528 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GLW shares. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.08.

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Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of GLW stock traded up $0.16 during trading hours on Tuesday, hitting $41.77. 4,546,654 shares of the company's stock were exchanged, compared to its average volume of 5,930,421. The company has a market capitalization of $35.79 billion, a PE ratio of 72.02, a PEG ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The business's 50 day simple moving average is $47.34 and its 200-day simple moving average is $47.78.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. Corning's dividend payout ratio (DPR) is currently 193.10%.

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.