AMG National Trust Bank Has $2.58 Million Position in Corning Incorporated (NYSE:GLW)

AMG National Trust Bank lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 14.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,241 shares of the electronics maker's stock after selling 9,175 shares during the quarter. 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 (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in Corning in the 4th quarter worth approximately $30,000. Transce3nd LLC purchased a new position in Corning in the 4th quarter worth approximately $39,000. ORG Partners LLC lifted its holdings in Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after purchasing an additional 476 shares in the last quarter. Finally, Dunhill Financial LLC increased its stake in Corning by 77.1% in the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker's stock worth $43,000 after acquiring an additional 394 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW traded up $0.01 on Tuesday, reaching $53.91. The stock had a trading volume of 1,677,746 shares, compared to its average volume of 5,246,288. The firm has a market capitalization of $46.17 billion, a PE ratio of 103.60, a PEG ratio of 1.46 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 firm has a 50-day moving average of $50.70 and a 200 day moving average of $48.47. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.08%. Corning's dividend payout ratio (DPR) is 215.38%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Oppenheimer decreased their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. UBS Group boosted their target price 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. Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. Finally, Mizuho boosted their target price on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $57.45.

Insider Buying and Selling

In other news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president directly owned 31,505 shares in the company, valued at approximately $1,575,565.05. This trade represents a 31.24% 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 90 days. 0.40% of the stock is owned by corporate insiders.

Corning Company 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.