CNB Bank Has $128,000 Stake in Corning Incorporated (NYSE:GLW)

CNB Bank trimmed its stake in Corning Incorporated (NYSE:GLW) by 24.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,694 shares of the electronics maker’s stock after selling 894 shares during the period. CNB Bank’s holdings in Corning were worth $128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. West Oak Capital LLC raised its stake in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its position in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the last quarter. Brown Lisle Cummings Inc. raised its position in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after acquiring an additional 251 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of GLW opened at $49.90 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm’s 50-day simple moving average is $47.92 and its two-hundred day simple moving average is $44.92. Corning Incorporated has a fifty-two week low of $29.82 and a fifty-two week high of $51.03. The stock has a market cap of $42.73 billion, a PE ratio of 292.97, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04.

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

Insider Activity at Corning

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

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Barclays increased their price target 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. Finally, UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $50.77.

Corning Profile

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.