PNC Financial Services Group Inc. Grows Position in Corning Incorporated (NYSE:GLW)

PNC Financial Services Group Inc. raised its position in shares of Corning Incorporated (NYSE:GLW) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 626,131 shares of the electronics maker’s stock after buying an additional 1,587 shares during the period. PNC Financial Services Group Inc.’s holdings in Corning were worth $29,754,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning during the fourth quarter valued at about $25,000. Asset Planning Inc purchased a new stake in shares of Corning during the fourth quarter valued at about $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning during the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Price Performance

Shares of NYSE:GLW opened at $45.89 on Monday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company’s 50 day moving average is $50.06 and its 200 day moving average is $47.38. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $39.31 billion, a PE ratio of 79.13, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. Corning’s payout ratio is 193.10%.

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.