OLD National Bancorp IN Sells 860 Shares of Corning Incorporated (NYSE:GLW)

OLD National Bancorp IN decreased its holdings in Corning Incorporated (NYSE:GLW) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,928 shares of the electronics maker’s stock after selling 860 shares during the period. OLD National Bancorp IN’s holdings in Corning were worth $455,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GLW. Peoples Bank KS bought a new stake in Corning in the third quarter worth about $25,000. OFI Invest Asset Management bought a new stake in Corning in the third quarter worth about $25,000. SRS Capital Advisors Inc. lifted its stake in Corning by 232.9% in the third 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 last quarter. Bruce G. Allen Investments LLC bought a new stake in Corning in the fourth quarter worth about $31,000. Finally, Emfo LLC bought a new stake in Corning in the fourth quarter worth about $33,000. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $31.52 on Thursday. The firm has a market cap of $26.96 billion, a price-to-earnings ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The company’s 50 day moving average is $32.30 and its 200 day moving average is $30.43. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue was down 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.47 earnings per share. On average, sell-side analysts anticipate that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GLW shares. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $34.78.

Corning Company 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.