First Hawaiian Bank Acquires 4,344 Shares of Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Mar 22nd, 2023

First Hawaiian Bank increased its holdings in Corning Incorporated (NYSE:GLW – Get Rating) by 11.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,309 shares of the electronics maker’s stock after buying an additional 4,344 shares during the period. First Hawaiian Bank’s holdings in Corning were worth $1,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Corning by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 95,986,278 shares of the electronics maker’s stock worth $2,785,521,000 after buying an additional 1,002,544 shares during the period. BlackRock Inc. boosted its holdings in 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 buying an additional 1,796,774 shares during the period. State Street Corp boosted 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 buying an additional 622,258 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 37.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock worth $630,470,000 after buying an additional 5,451,525 shares during the period. Finally, Northern Trust Corp lifted its stake in Corning by 2.2% in the 2nd quarter. Northern Trust Corp now owns 11,763,672 shares of the electronics maker’s stock worth $370,673,000 after purchasing an additional 254,599 shares in the last quarter. 67.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on GLW shares. UBS Group increased their target price on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, January 11th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $44.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 20th. StockNews.com started coverage on shares of Corning in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Susquehanna increased their target price on shares of Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research note on Thursday, February 2nd. Finally, Morgan Stanley lowered their target price on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 13th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $37.78.

Insider Activity at Corning

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

Corning Stock Performance

Corning stock opened at $33.67 on Wednesday. The firm’s fifty day moving average price is $35.02 and its 200-day moving average price is $33.34. 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 stock has a market cap of $28.50 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 2.26 and a beta of 1.07. Corning Incorporated has a fifty-two week low of $28.98 and a fifty-two week high of $38.71.

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

Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Tuesday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 3.33%. This is a positive change from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio (DPR) is currently 72.73%.

About Corning

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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.