UMB Bank n.a. Decreases Holdings in Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Mar 21st, 2023

UMB Bank n.a. lowered its position in Corning Incorporated (NYSE:GLW – Get Rating) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,331 shares of the electronics maker’s stock after selling 560 shares during the period. UMB Bank n.a.’s holdings in Corning were worth $298,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Corning by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 95,986,278 shares of the electronics maker’s stock valued at $2,785,521,000 after purchasing an additional 1,002,544 shares during the last quarter. BlackRock Inc. increased its stake in shares of Corning by 3.3% in the 3rd quarter. BlackRock Inc. now owns 55,945,292 shares of the electronics maker’s stock worth $1,623,533,000 after purchasing an additional 1,796,774 shares in the last quarter. State Street Corp raised its holdings in Corning by 2.0% in the 3rd quarter. State Street Corp now owns 31,902,274 shares of the electronics maker’s stock worth $925,804,000 after purchasing an additional 622,258 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Corning by 37.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock valued at $630,470,000 after purchasing an additional 5,451,525 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Corning by 2.2% during the second quarter. Northern Trust Corp now owns 11,763,672 shares of the electronics maker’s stock valued at $370,673,000 after purchasing an additional 254,599 shares during the period. Hedge funds and other institutional investors own 67.79% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of analyst reports. Credit Suisse Group lowered their price objective on Corning from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 1st. JPMorgan Chase & Co. dropped their price target on shares of Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, December 20th. UBS Group raised their price objective on shares of Corning from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, January 11th. Morgan Stanley dropped their target price on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, December 13th. Finally, Susquehanna raised their price target on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Corning has a consensus rating of “Hold” and a consensus target price of $37.78.

Corning Stock Performance

Shares of NYSE GLW opened at $33.23 on Tuesday. The company has a market cap of $28.13 billion, a P/E ratio of 21.58, a P/E/G ratio of 2.26 and a beta of 1.07. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $38.71. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.88 and a current ratio of 1.44. The firm’s fifty day moving average is $35.06 and its two-hundred day moving average is $33.34.

Corning (NYSE:GLW – Get Rating) last posted its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.96 EPS for the current fiscal year.

Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Tuesday, February 28th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.37%. The ex-dividend date is Monday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.27. Corning’s payout ratio is currently 72.73%.

Insider Activity at Corning

In other Corning news, insider Li Fang sold 19,909 shares of Corning stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the transaction, the vice president now directly owns 5,744 shares in the company, valued at approximately $206,784. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.