M&T Bank Corp Sells 10,977 Shares of Corning Incorporated (NYSE:GLW)

M&T Bank Corp reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter worth $29,000. Putney Financial Group LLC purchased a new stake in Corning during the fourth quarter worth about $30,000. Transce3nd LLC bought a new stake in Corning in the fourth quarter worth about $39,000. ORG Partners LLC boosted its stake in Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the last quarter. Finally, VSM Wealth Advisory LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $43,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GLW. UBS Group lifted their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday. Wolfe Research started coverage on Corning in a research note on Tuesday. They issued an "outperform" rating on the stock. Oppenheimer cut their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.73.

Corning Price Performance

GLW traded down $0.68 during trading on Friday, reaching $51.58. 4,098,107 shares of the company were exchanged, compared to its average volume of 5,374,598. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company's 50-day moving average is $49.87 and its two-hundred day moving average is $48.26. 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 company has a market cap of $44.17 billion, a price-to-earnings ratio of 99.19, a P/E/G ratio of 1.41 and a beta of 1.11.

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

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president owned 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% 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, VP John Z. Zhang sold 9,610 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

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.