MidWestOne Financial Group Inc. Sells 245 Shares of Corning Incorporated (NYSE:GLW)

MidWestOne Financial Group Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,152 shares of the electronics maker’s stock after selling 245 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Corning were worth $594,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Corning during the second quarter worth $511,000. Transamerica Financial Advisors Inc. grew its holdings in shares of Corning by 529.6% during the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after buying an additional 13,907 shares in the last quarter. Finally, National Pension Service grew its holdings in shares of Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on GLW shares. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Wednesday, December 4th. Finally, Oppenheimer restated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Shares of Corning stock opened at $48.37 on Wednesday. The firm has a market capitalization of $41.41 billion, a P/E ratio of 284.53, a P/E/G ratio of 1.58 and a beta of 1.03. Corning Incorporated has a 52 week low of $29.14 and a 52 week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $47.29 and its two-hundred day moving average is $43.08.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% 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.