Hancock Whitney Corp reduced its stake in Corning Incorporated (NYSE:GLW) by 5.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 451,629 shares of the electronics maker’s stock after selling 24,367 shares during the quarter. Hancock Whitney Corp owned approximately 0.06% of Corning worth $14,949,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Riverview Trust Co purchased a new position in shares of Corning during the fourth quarter valued at approximately $26,000. Trustcore Financial Services LLC bought a new stake in shares of Corning during the first quarter valued at approximately $30,000. Sontag Advisory LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Athena Capital Advisors LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $33,000. Finally, Hanson McClain Inc. raised its stake in shares of Corning by 72.2% during the fourth quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 500 shares in the last quarter. 70.59% of the stock is currently owned by institutional investors.
Shares of Corning stock traded up $0.89 during trading hours on Monday, reaching $34.12. The stock had a trading volume of 5,976,500 shares, compared to its average volume of 4,633,798. The company’s 50 day simple moving average is $30.94. The stock has a market cap of $26.08 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 1.56 and a beta of 1.20. Corning Incorporated has a twelve month low of $27.22 and a twelve month high of $36.56. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.34%. Corning’s payout ratio is 44.94%.
Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a research note on Wednesday, May 1st. Finally, ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Corning presently has a consensus rating of “Buy” and a consensus target price of $36.33.
In other news, VP Christine M. Pambianchi sold 194,960 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by corporate insiders.
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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