Corning Incorporated (NYSE:GLW) Shares Sold by Burke & Herbert Bank & Trust Co.

Burke & Herbert Bank & Trust Co. trimmed its stake in shares of Corning Incorporated (NYSE:GLWGet Rating) by 12.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,189 shares of the electronics maker’s stock after selling 1,713 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Corning were worth $449,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $28,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Corning during the 1st quarter valued at approximately $31,000. Rise Advisors LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $32,000. Vigilant Capital Management LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $34,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $37,000. Institutional investors own 68.71% of the company’s stock.

GLW stock opened at $32.38 on Thursday. The stock has a market capitalization of $27.35 billion, a P/E ratio of 25.90, a PEG ratio of 2.24 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55. Corning Incorporated has a one year low of $30.95 and a one year high of $43.47. The company has a 50 day moving average price of $34.45 and a two-hundred day moving average price of $36.78.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.05. Corning had a net margin of 13.05% and a return on equity of 21.56%. The company had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the company earned $0.45 EPS. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. Research analysts forecast that Corning Incorporated will post 2.36 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 29th. Stockholders of record on Tuesday, May 31st were paid a dividend of $0.27 per share. The ex-dividend date was Friday, May 27th. This represents a $1.08 annualized dividend and a dividend yield of 3.34%. Corning’s dividend payout ratio is presently 86.40%.

In other news, VP Robert P. France sold 2,190 shares of the business’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the sale, the vice president now directly owns 30,000 shares of the company’s stock, valued at approximately $1,050,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Alan Bell sold 12,529 shares of the business’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

GLW has been the subject of a number of research reports. Barclays downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $53.00 to $38.00 in a research report on Wednesday, May 11th. Citigroup downgraded Corning from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. Morgan Stanley restated a “hold” rating and set a $40.00 price objective on shares of Corning in a research report on Thursday, April 14th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, June 16th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $50.00 price objective on shares of Corning in a research report on Friday, March 11th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.20.

About Corning (Get Rating)

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

Further Reading

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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