M&T Bank Corp Has $6.99 Million Position in Corning Incorporated (NYSE:GLW)

M&T Bank Corp lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.7% in the 1st quarter, according to 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 period. M&T Bank Corp's holdings in Corning were worth $6,985,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. grew its position in shares of 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 acquiring an additional 214 shares during the last quarter. Seeds Investor LLC lifted its holdings in Corning by 3.0% in the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares during the period. CreativeOne Wealth LLC lifted its holdings in Corning by 2.4% in the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares during the period. Old North State Wealth Management LLC lifted its holdings in Corning by 0.6% in 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 purchasing an additional 239 shares during the period. Finally, Colonial Trust Co SC lifted its holdings in Corning by 3.8% in the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after purchasing an additional 258 shares during the period. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several research analyst reports. UBS Group upped their price objective on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday. Oppenheimer reduced their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday. They issued an "outperform" rating for the company. Finally, Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus price target of $54.82.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president owned 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by company insiders.

Corning Trading Down 0.6%

NYSE GLW traded down $0.30 on Thursday, hitting $52.27. 4,345,063 shares of the company were exchanged, compared to its average volume of 5,429,254. The company'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 current ratio of 1.69 and a quick ratio of 1.05. The firm has a market capitalization of $44.77 billion, a P/E ratio of 100.52, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. 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 quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (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 return on equity of 16.47% and a net margin of 3.34%. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.14%. Corning's payout ratio is presently 215.38%.

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.