Raymond James Trust N.A. Acquires 624 Shares of Corning Incorporated (GLW)

Raymond James Trust N.A. boosted its position in Corning Incorporated (NYSE:GLW) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,743 shares of the electronics maker’s stock after purchasing an additional 624 shares during the quarter. Raymond James Trust N.A.’s holdings in Corning were worth $1,348,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Riverview Trust Co bought a new stake in shares of Corning during the 4th quarter worth about $26,000. Sontag Advisory LLC bought a new stake in shares of Corning during the 4th quarter worth about $29,000. Athena Capital Advisors LLC bought a new stake in shares of Corning during the 4th quarter worth about $33,000. Essex Savings Bank bought a new stake in shares of Corning during the 4th quarter worth about $34,000. Finally, Hanson McClain Inc. raised its position in shares of Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock worth $36,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 72.08% of the company’s stock.

A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 4th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.50.

GLW stock opened at $34.88 on Wednesday. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The stock has a market cap of $27.45 billion, a price-to-earnings ratio of 19.60, a P/E/G ratio of 1.99 and a beta of 1.16. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 2.12.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a net margin of 9.44% and a return on equity of 14.21%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, research analysts expect that Corning Incorporated will post 2 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 28th were paid a $0.20 dividend. The ex-dividend date was Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.29%. This is a boost from Corning’s previous quarterly dividend of $0.18. Corning’s payout ratio is currently 44.94%.

In other news, CEO Wendell P. Weeks sold 223,379 shares of Corning stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $33.77, for a total value of $7,543,508.83. Following the transaction, the chief executive officer now owns 114,943 shares of the company’s stock, valued at approximately $3,881,625.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David L. Morse sold 35,701 shares of Corning stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total transaction of $1,203,480.71. Following the completion of the transaction, the insider now directly owns 47,961 shares in the company, valued at approximately $1,616,765.31. The disclosure for this sale can be found here. Insiders sold a total of 328,767 shares of company stock worth $11,162,588 in the last ninety days. Corporate insiders own 0.46% of the company’s stock.

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About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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