M&T Bank Corp Sells 10,094 Shares of Corning Incorporated (NYSE:GLW)

M&T Bank Corp lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 195,973 shares of the electronics maker’s stock after selling 10,094 shares during the period. M&T Bank Corp’s holdings in Corning were worth $5,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Harvest Investment Advisors LLC boosted its holdings in Corning by 1.0% in the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares during the last quarter. Venture Visionary Partners LLC grew its holdings in Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after acquiring an additional 380 shares during the period. Fiera Capital Corp raised its position in shares of Corning by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after acquiring an additional 385 shares during the last quarter. New World Advisors LLC lifted its stake in shares of Corning by 3.5% in the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after purchasing an additional 400 shares during the period. Finally, Western Wealth Management LLC boosted its position in shares of Corning by 1.6% in the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after purchasing an additional 405 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The disclosure for this sale can be found here. In the last three months, insiders sold 119,988 shares of company stock worth $3,984,964. 0.45% of the stock is owned by company insiders.

Corning Trading Down 0.8 %

Shares of NYSE:GLW opened at $33.44 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company’s 50-day moving average price is $32.38 and its two-hundred day moving average price is $30.69. The stock has a market capitalization of $28.65 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 EPS. On average, equities analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio is 157.75%.

Analysts Set New Price Targets

A number of analysts have recently commented on GLW shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Mizuho began coverage on Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 target price for the company. Finally, HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.