Grove Bank & Trust Has $55,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Grove Bank & Trust raised its holdings in Corning Incorporated (NYSE:GLW) by 21.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,414 shares of the electronics maker’s stock after acquiring an additional 250 shares during the quarter. Grove Bank & Trust’s holdings in Corning were worth $55,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Access Investment Management LLC bought a new position in Corning during the 1st quarter worth $28,000. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Corning in the first quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new stake in Corning during the 1st quarter valued at approximately $33,000. Finally, ESL Trust Services LLC bought a new position in Corning during the 1st quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.6 %

GLW stock traded up $0.67 during midday trading on Friday, reaching $41.94. 2,893,101 shares of the company’s stock traded hands, compared to its average volume of 7,012,128. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market cap of $35.89 billion, a price-to-earnings ratio of 59.09, a P/E/G ratio of 1.60 and a beta of 1.05. The firm’s fifty day moving average price is $41.08 and its 200-day moving average price is $36.12. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Bank of America decreased their price target on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a report on Wednesday. Finally, Barclays increased their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Insider Buying and Selling at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.40% of the company’s stock.

About Corning

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.