Corning Incorporated (NYSE:GLW) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 152,582 shares of the electronics maker's stock after selling 10,977 shares during the quarter. M&T Bank Corp's holdings in Corning were worth $6,985,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Vermillion Wealth Management Inc. acquired a new position in shares of Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the 4th quarter valued at $30,000. Transce3nd LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $39,000. ORG Partners LLC lifted its position in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley upped their price target on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, UBS Group upped their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $54.82.

Corning Price Performance

Shares of GLW opened at $52.61 on Thursday. The firm has a market cap of $45.06 billion, a PE ratio of 101.17, a PEG ratio of 1.42 and a beta of 1.11. The firm's 50 day moving average price is $49.60 and its 200 day moving average price is $48.20. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. 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 posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given 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 yield of 2.13%. Corning's payout ratio is currently 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president owned 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company's stock.

Corning 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.

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