AMG National Trust Bank Sells 9,175 Shares of Corning Incorporated (NYSE:GLW)

AMG National Trust Bank lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,241 shares of the electronics maker's stock after selling 9,175 shares during the period. AMG National Trust Bank's holdings in Corning were worth $2,575,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. grew its stake in Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares during the last quarter. Seeds Investor LLC grew its stake in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after buying an additional 221 shares during the last quarter. CreativeOne Wealth LLC grew its stake in Corning by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after buying an additional 238 shares during the last quarter. Old North State Wealth Management LLC grew its stake in Corning by 0.6% during the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after buying an additional 239 shares during the last quarter. Finally, Colonial Trust Co SC grew its stake in Corning by 3.8% during the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after buying an additional 258 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Mizuho set a $59.00 price target on shares of Corning and gave the company an "outperform" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. increased their price target on shares of Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group increased their price target on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $57.45.

Insider Buying and Selling at Corning

In related news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Corning Trading Up 3.5%

GLW stock traded up $1.87 during midday trading on Wednesday, reaching $55.89. The company's stock had a trading volume of 2,951,048 shares, compared to its average volume of 5,537,503. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $56.15. The stock has a market cap of $47.86 billion, a PE ratio of 107.50, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The business's 50-day simple moving average is $50.70 and its 200-day simple moving average is $48.47.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the business posted $0.38 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.00%. Corning's payout ratio is 215.38%.

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.