53,861 Shares in Corning Incorporated (NYSE:GLW) Bought by Arvest Bank Trust Division

Arvest Bank Trust Division purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 53,861 shares of the electronics maker's stock, valued at approximately $2,432,000.

A number of other institutional investors have also made changes to their positions in GLW. FMR LLC increased its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. MBB Public Markets I LLC raised its stake in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock worth $2,524,000 after buying an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Corning during the second quarter worth approximately $511,000. Transamerica Financial Advisors Inc. grew its holdings in Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock worth $747,000 after acquiring an additional 13,907 shares during the period. Finally, National Pension Service raised its position in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after acquiring an additional 152,922 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % 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, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on GLW. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Wednesday, December 4th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $50.08.

Corning Price Performance

Shares of GLW stock traded up $0.98 during trading hours on Thursday, reaching $48.61. The company's stock had a trading volume of 4,647,702 shares, compared to its average volume of 5,560,750. Corning Incorporated has a fifty-two week low of $29.14 and a fifty-two week high of $51.03. The firm's 50 day simple moving average is $47.42 and its 200-day simple moving average is $43.24. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.62 billion, a price-to-earnings ratio of 285.94, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.

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.